Mexican corn miller and tortilla producer Gruma has acquired the European unit of US-based Azteca Foods in a €45m deal.
The acquisition includes all shares and ownership interests representing the capital stock of Azteca Foods Europe.
The company's Spanish subsidiary Gruma International Foods has reached a purchase agreement to acquire the production and sales operations of Fat Taco and Azteca Foods in Spain.
Fat Taco and Azteca Foods produce and distribute tortillas, wraps, corn chips, salsas and processed foods in Spain.
The price agreed for the transaction is subject to adjustments resulting from the final calculations for working capital and net financial debt of the acquired company.
Last year, Gruma announced plans to invest $50m in a new plant in Russia, over the next two years.
Expected to become operational by the end of 2015, the Russian plant will be capable of producing around 31,500 tonnes of corn and wheat products including wheat tortilla wraps, tortilla and tortilla chips annually.
The plant will employ 250 people.
Gruma produces, and sells corn flour, wheat flour, tortillas, and other related products under various brands including Maseca, Masa Rica, Tortimasa, Juana, Selecta, Mayran, Robin Hood, Polar, Loro Rojo, Elefante, Mission, Guerrero, Tortiricas, Calidad, Delicados, Rositas, Rumba, La Casa del Maiz, La Cima, Tosty, La Comadre, Luisiana, Monica, and Lassie.
