Mexico's Grupo Bimbo Closes Acquisition Of Weston Foods Inc

Mexico's Grupo Bimbo Closes Acquisition Of Weston Foods Inc

Mexican bakeries concern Grupo Bimbo SAB said Thursday it has completed the acquisition of the U.S. bakeries operations of Canada-based George Weston Ltd.

Bimbo paid $2.38 billion for Weston Foods Inc. and an additional $125 million for certain financial assets.

The buyout, which more than doubles Bimbo's presence in the U.S., was financed with $2.3 billion in bank debt and existing cash, Bimbo said in a press release.

Bimbo Bakeries USA now has 35 plants, 7,000 distribution routes and employs more than 15,000 people. Bimbo said results of Weston Foods Inc. will be reflected in its first-quarter earnings from Jan. 21.