Bunge North America, a unit of food processing firm Bunge, has purchased the wheat milling business of Grupo Altex in Mexico for an undisclosed amount.
Grupo Altex produces a wide range of products from wheat including, bread flour, prepared flours for baked goods, tortillas and pizza and semolina for pasta. It operates six mills that process 800,000 tons of products per year.
As part of the transaction, Bunge acquired Grupo Altex's product brands and its innovation center.
In October, Bunge signed an agreement to takeover the wheat milling business of Mexican firm to further strengthen its core food and ingredients segment.
At that time, Bunge North America president and CEO Todd Bastean said, "By leveraging our Mexico milling assets with our wheat origination capabilities in North America, we can provide customers with an efficient, reliable supply chain."
Grupo Altex said that it would use the proceeds to strengthen its fruit and vegetable processing businesses.
Rothschild and Rabobank have advised Bunge for the deal.
Bunge North America is a vertically integrated food and feed ingredient company, supplying raw and processed agricultural commodities and specialized food ingredients to poultry, food processing, foodservice and bakery industries.
