Grupo Bimbo has gained a greater foothold in the Chinese market after completing the acquisition of Mankattan.
A deal for the Chinese company, which produces sliced bread, cakes, buns and Japanese-style sandwich bread, was announced in February. It includes four production sites owned by Mankattan that serve consumers in the cities of Beijing, Shanghai, Sichuan, and Guangdong.
Bimbo has now satisfied all customary closing conditions, including receiving regulatory approval, and can press ahead with integrating Mankattan into the rest of its business.
Daniel Servitje, chairman and CEO of Grupo Bimbo, said: “We are delighted to welcome Mankattan’s 1,900 associates to the Grupo Bimbo family. They have built a sizeable customer base in key urban markets and a business that complements and enhances our current product portfolio, distribution network and manufacturing facilities.
“Not only does the addition of Mankattan strengthen our presence in the country, it also provides us with a platform to grow the market for branded, packaged baked goods as well as the foodservice channel in China. This is a vital growth market for us and an acquisition that bolsters our global profile.”
Speaking earlier in the year, when the deal for Mankattan was announced, Servitje said: “This acquisition marks our commitment to grow in the world’s most populated country and the second largest global economy. Mankattan brings a sizeable amount of synergies to our operations in the north of China, as we will be able to optimise our supply chain to better serve more consumers.
“In addition, the product portfolio and manufacturing capabilities enhance and complement our current operation exceptionally well, in terms of both our branded products and our QSR business. This acquisition will expand our geographical footprint from one market to four and enable us to significantly transform our profile in China”
© FoodBev Media Ltd 2018