Bachoco Reaches an Agreement to Acquire Norson, in Mexico
December 02 2022 - 8:30AM
Business Wire
Industrias Bachoco S.A.B. de C.V. (“Bachoco” or “the Company”)
(NYSE: IBA; BMV: BACHOCO), announced today that it has
achieved a business agreement to acquire 100% of the capital equity
of Norson Holding S. de R.L. of C.V., a vertically integrated pork
producer and exporter, located in Sonora, Mexico.
With more than 40 years of presence in the market, Norson is a
relevant pork producer in Mexico. Norson’s integration consists of
genetics, hog farms, feed mills, slaughter and cut facilities,
value added facilities, distributions centers and owned retail
shops. Norson also participates in the export market; USA, Japan,
China and Korea are their main commercial destinations. This, along
with the effort of more than 3,600 collaborators, has allowed them
to be one of the leading companies within their industry.
This agreement must be reviewed by Mexican antitrust
authorities, COFECE. Once authorized, more details of the
transaction will be given.
Rodolfo Ramos, CFO, stated:
“This agreement is in line with our growth plans for our pork
business and follows our diversification strategy in other
proteins.
Once we have the approval of the corresponding authorities, we
will proceed to integrate and capture the identified synergies.
With this, we continue reinforcing our presence in the Mexican
market, in order to become one of the main producers of animal
protein.”
COMPANY DESCRIPTION
Industrias Bachoco is the leader in the Mexican poultry
industry, and one of the largest poultry producers globally.
The Company was founded in 1952, and became a public Company in
1997, via a public offering of shares on the Mexican and The New
York Stock Exchange. Bachoco is a vertically integrated Company
headquartered in Celaya, Guanajuato located in Central Mexico. Its
main business lines are: chicken, eggs, balanced feed, swine, and
other products. Bachoco owns and manages more than a thousand
facilities, organized in nine productive complexes and 80
distribution centers in Mexico, and a productive complex in the
United States. Currently the Company employs more than 32,000
people. The Company is rated AAA (MEX), the highest rating awarded
by Fitch Mexico, S.A. de C.V., and HR AAA which signals that the
Company and the offering both have the highest credit quality by HR
Ratings de Mexico S.A. de C.V.
EXENCIÓN DE RESPONSABILIDAD. The document contains
certain information that could be considered forward looking
statements concerning anticipated future events and performance of
the Company. The statements reflect management’s current beliefs
based on information currently available and are not guarantees of
future performance and are based on our estimates and assumptions
that are subject to risks and uncertainties, including those
described in our Annual Information Form, which could cause our
actual results to differ materially from the forward-looking
statements contained in this document. Those risks and
uncertainties include risks associated with ownership in the
poultry industry, competition for investments within the poultry
industry, shareholder liability, governmental regulation, and
environmental matters. As a result, there can be no assurance that
actual results will be consistent with these forward-looking
statements. Except as required by applicable law Industrias
Bachoco, S.A.B. de C.V. undertakes no obligation to publicly update
or revise any forward-looking statement.
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Investor Relations Area Phone: (461)6183555
inversionistas@bachoco.net
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