The company thus completes the announced divestments, fulfilling its commitment to find specialist buyers who guarantee the continuity and growth of the business
Madrid, 15 January 2020. Cerealto Siro Foods has reached preliminary sales agreements with Bakery Iberian Investments, a subsidiary of the Bimbo Group, for the Medina del Campo (Valladolid) plant and with Morato for the Briviesca (Burgos) plant. The completion of the operation with Bakery Iberian Investments for the Medina del Campo plant is subject to the authorisation of the National Commission for Markets and Competition (CNMC) and that of Briviesca to Due Diligence.
In line with the divestments made in its bread and pastry businesses, both operations are being carried out in compliance with Cerealto Siro Foods’ commitment to find specialist buyers for whom these categories are at the core of its strategy and with the capacity to make these businesses and the people who work in them grow.
Both the agreement reached with Bakery Iberian Investments and the one closed with Morato, involve maintaining the working conditions of the plants’ workers.
These operations are part of the roadmap of Cerealto Siro Foods’ Strategic Plan 2023 to continue positioning itself as a world reference in the Cookies, Breakfast Cereals, Snacks and Pasta categories. These actions will allow the Company to gain efficiency and competitiveness to boost its development and growth and to achieve 2,000 million turnover focused on 30 customers worldwide by 2030.
The sales operations of the Bakery and Bread businesses, as well as the sale of the Jaen factory, will allow Cerealto Siro Foods to invest more than 128 million euros, up to 2025, in new technologies to continue moving towards more specialised, more efficient plants with a greater capacity for innovation.
About CEREALTO SIRO FOODS
CEREALTO SIRO FOODS, born from the integration of Siro and Cerealto, is a multinational family company that manufactures food products, with a strategy focused on the manufacture of cereal-based food products for clients in the Retail and B2B sectors, with a high dose of innovation and high potential for development in multiple markets.
The Group has a consolidated turnover of more than 577 MM euros, currently has a team of more than 3,000 people and a production of 374,000 tons per year, in 15 work centres located in Spain, Portugal, Italy, United Kingdom and Mexico, as well as commercial offices in the USA.
With a planned investment of 128 million euros until 2025, its business model is focused on the consumer, innovation in products and processes and operational excellence. It is also a reference in the integration of people at risk of social exclusion, who represent more than 11% of the workforce, and in the leadership of the circular economy in the agro-food industry.