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Grupo Bimbo Announces An Agreement To Acquire Mankattan In China And Continues Its Consolidation In The Asian Market

This acquisition marks our commitment to grow in the world’s most populated country and the second largest global economy. Mankattan brings a sizeable amount of synergies to our operations in the North of China, as we will be able to optimize our supply chain to better serve more consumers. In addition, the product portfolio and manufacturing capabilities enhance and complement our current operation exceptionally well, in terms of both our branded products and our QSR business. This acquisition will expand our geographical footprint from one market to four and enable us to significantly transform our profile in China 

Daniel Servitje, Chairman and CEO of Grupo Bimbo

Mexico City, February 12, 2018 - Grupo Bimbo today announced an agreement to acquire Mankattan Group, a key player in the baking industry in China, which will advance the company’s global growth strategy in highgrowth segments and markets.

Mankattan, with more than 20 years of experience in the market and number two national wholesale bakery company in China, produces and supplies sliced bread, cakes, buns and Yudane (a Japanese-style sandwich bread), among other baked products to modern, traditional and QSR clients. Mankattan employs 1,900 associates and operates four plants that serve the thriving urban markets of Beijing, Shanghai, Sichuan, and Guangdong, along with their surrounding areas.

This acquisition marks our commitment to grow in the world’s most populated country and the second largest global economy. Mankattan brings a sizeable amount of synergies to our operations in the North of China, as we will be able to optimize our supply chain to better serve more consumers. In addition, the product portfolio and manufacturing capabilities enhance and complement our current operation exceptionally well, in terms of both our branded products and our QSR business. This acquisition will expand our geographical footprint from one market to four and enable us to significantly transform our profile in China”, said Daniel Servitje, Chairman and CEO of Grupo Bimbo.

With this acquisition, Grupo Bimbo continues consolidating its presence in Asia, significantly expanding its participation in China and becoming a relevant player in the market.

This transaction is still subject to the satisfaction of customary closing conditions, including regulatory approvals.