September 19, 2011 / 1:50 PM / 8 years ago

Mexico's Bimbo completes purchase of Fargo

Sept 19 (Reuters) - Mexican bread maker Grupo Bimbo (BIMBOA.MX) said on Monday it has finalized its purchase of Argentina baker Alimentos Fargo.

Fargo is the largest producer and distributor of bread products in Argentina, with annual sales of about $150 million and five baking centers, the company said.

“This purchase strengthens the profile of Bimbo in Latin America,” the company said in a notice with the Mexico stock exchange.

The deal will be reflected in financial results from October, Bimbo said. No price was disclosed.

In July, Bimbo said its second-quarter profit fell 16 percent as raw material costs soared and the Mexican peso strengthened, dampening its U.S. revenues. [ID:nN1E76J1W0] (Reporting by Patrick Rucker, editing by Gerald E. McCormick)

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