MEXICO CITY — Gruma has agreed to pay €45 million ($48.3 million) to acquire Azteca Foods Europe, which produces tortillas for the catering and restaurant market and for the hypermarket, Mexico City-based Gruma said March 31. The price is subject to adjustments resulting from the final calculations for working capital and net financial debt of the acquired company.
Azteca Foods Europe, based in Toledo, Spain, produces 100,000 flour and corn tortillas an hour. The company has a network of customers and distributors in Spain and across Europe. The company’s export volume makes up 50% of its business. Azteca Foods Europe is present in 17 countries in Europe, the Middle East and North Africa.