- The merger of Grupo Siro and Cerealto was consolidated in 2019 and the divestment process in the baby food, bread and pastries business began.
- Cerealto Siro is continuing with its Strategic Plan to become the leading manufacturer of biscuits, cereals, pasta and snacks for clients in the retail and B2B sector. 223 new products were launched worldwide in 2019 alone, with an investment of over 11 million euros.
- Its growth strategy includes investments of 120 million euros up to 2023, of which 25 million will be released this year, mainly in Spain.
Madrid, 4 March 2020. 2019 was a year of transition for Cerealto Siro Foods, which closed its first financial year with a turnover of 577 million euros. This compares with a consolidated turnover of 600 million euros following the merger of Siro and Cerealto into a single company at the end of 2018. In spite of this slight decrease in sales, resulting from a departure from the baby food and baked pastries business as well as, more specifically, the factories in Benavente (Portugal) and El Espinar (Segovia), the company posted a consolidated EBITDA of 57 million euros, thus meeting the targets set by the group for this first financial year. In addition, Cerealto Siro Foods implemented an operational improvement plan in 2019 to adapt to its new corporate situation with greater cost and production efficiency while maintaining its social responsibility and fair and respectful treatment of collaborators.
Cerealto Siro Foods is thus moving forward with its Strategic Plan 2030, which seeks a turnover of 2 billion euros by 2030, by focusing on internationally relevant strategic clients and becoming the top producer of cereal food products for clients in the retail and B2B sector.
The divestment operations undertaken in the baby food, bread and pastries businesses seek to achieve the company’s goal of focusing on the biscuit, cereal, pasta and snack categories in order to lead these segments with products offering a large dose of innovation and strong development potential in numerous markets. The company also announced the sale of five factories in 2019, thereby meeting its commitment to sell to specialised companies capable of guaranteeing job survival.
In 2019, the company announced the launch of an investment plan worth 120 million euros leading up to 2023. The results from activating this plan, which will involve 25 million euros being released in 2020, began to be seen last year. The steps taken include the launch of a new cereal bars line at its plant in Aguilar de Campoo, which will have the largest production capacity and be the most cutting-edge of its kind anywhere in Europe, as well as numerous other projects aimed at becoming benchmarks in the digital transformation for the agri-food industry.
Innovation as a lever for growth
In 2019, Cerealto Siro Foods posted a production figure of 374,000 tonnes from its production centres in Spain, Portugal, Italy, the United Kingdom and Mexico. In line with its commitment to product innovation, the company launched a total of 223 new products into the international market, with an investment of more than 11 million euros. The innovations produced by the company include one aimed at the nutritional improvement of products that already exist by reducing the sugar content of biscuits, cereals and snacks, increasing the fibre content in cereal bars and pasta, and increasing the calcium content in breakfast cereals.
The new products include: biscuits with ginger and amaranth for Mexico; breakfast cereals filled with cream and cinnamon flavoured creams for the USA; children’s rice cakes with carrot and pumpkin for the UK; multi-grain pasta with lentils and quinoa for Spain and Portugal; and the new range of Bio products for Portugal and the USA.
The partnership between I+Dea and IBM has led to the design of I+Radar, an artificial intelligence tool that includes IBM Watson functionalities to analyse and anticipate consumer preferences while also identifying hyperlocal trends.
About CEREALTO SIRO FOODS
Set up following the merger of Siro and Cerealto, CEREALTO SIRO FOODS is a family-run multinational food product manufacturing company with a strategy focused on the manufacture of cereal food products for clients in the retail and B2B sector, and with a high dose of innovation and strong development potential in numerous markets.
The group posted a consolidated turnover of more than 575 million euros, currently employs more than 4,500 people and produces 374,000 tonnes/year at 15 production centres in Spain, Portugal, Italy, the United Kingdom and Mexico, as well as sales offices in the United States.
With scheduled investment of 120 million euros up to 2023, its business model is focused on the consumer, product and process innovation, and operational excellence. Furthermore, it is a benchmark in the inclusion of people at risk of social exclusion, who account for more than 12% of the workforce, and the implementation of the circular economy in the agri-food industry.
For more information, please get in touch with:
Paloma Pastor / Elena Barrera / Álvaro Garrido
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