April 20, 2017 / 1:30 AM / 3 years ago

Mexico's Bimbo plans expansion in China, Asia, Middle East

Advertising of Mexican bread maker Grupo Bimbo is seen in a store in Mexico City, September 24, 2014. REUTERS/Edgard Garrido

MEXICO CITY (Reuters) - Mexican breadmaker Grupo Bimbo (BIMBOA.MX) plans to grow in China in the short term with acquisitions, while also expanding in the rest of Asia and entering Middle Eastern markets, the company’s food business chief said on Wednesday.

Bimbo, which entered China in 2006 after buying the local assets of Spanish competitor Panrico, plans to expand in China through purchases of local companies, Bernardo Zermeno, the food business chief, told Reuters on the sidelines of an event in Mexico City.

“Bimbo will look for a consolidation that will allow for expansion,” he said.

Bimbo shares were up 0.60 percent in late afternoon trading at 45.44 pesos ($2.41).

Reporting by Sheky Espejo; Editing by Leslie Adler

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