Mexican food company Gruma stated that it completed the $260 million sale of its wheat flour milling operations in Mexico.
In a statement, Gruma expressed that Grupo Trimex, a Mexican producer of wheat flour, acquired all the stock of Gruma subsidiary Molinera de Mexico, as well as all the wheat milling assets of Grupo Industrial Maseca and GIMSA.
According to the news of EFE; Gruma said the proceeds from the sale will be used mainly for debt repayment, thus strengthening the company's balance sheet.
Gruma, founded in 1949, is one of the world's largest producers of tortillas and operating in the United States, Mexico, Venezuela, Central America, Europe, Asia and Australia. The Mexican food company exports its products to 100 countries around the world.
Gruma is based in the northern city of Monterrey and it has nearly 20,000 employees and 99 plants. Trimex has also been in the wheat milling business for almost three decades and has four plants; it is selling its products under the Medalla de Oro and Victoria brands.