Gruma SAB de CV, the world’s largest tortilla maker, agreed to sell its Mexican wheat flour operations to Grupo Trimex SA for $200 million, the company said in statement to the Mexican Stock Exchange.
Grupo Trimex, the Mexico City-based flour milling company, will acquire Gruma subsidiary Molinera de Mexico SA as well as assets related to the production of wheat flour from Grupo Industrial Maseca, another Gruma subsidiary. The acquisition is expected to be completed in October once approved by the federal commission of economic competition, according to the Gruma statement.
Shares at San Pedro Garza Garcia-based Gruma have gained 49 percent this year, the best performing stock on Mexico’s benchmark IPC index. Gruma’s shares returned 152 percent in 2013, the country’s best performing stock prompting Fitch ratings to boost the company’s rating in December to BB+, the highest since 2008.
The funds obtained in the sale will be used principally to pay debts for Gruma and subsidiary Grupo Industrial Maseca, according to the statement. Trimex currently operates four plants in Mexico.