MADRID — Bakery Iberian Investments, a subsidiary of Grupo Bimbo S.A.B. de C.V., has reached an agreement to acquire Cerealto Siro Foods’ bakery in Paterna, Spain. Financial terms of the transaction were not released.

The factory bakes bread and salted pastries under the brand Hacendado for Mercadona, a Spanish supermarket chain.

The transaction is subject to the approval of Spain’s National Commission of Markets and Competition. Pending the sale’s endorsement, Cerealto Siro said the plant would operate as an independent business within Grupo Bimbo and “assume the production that Cerealto Siro has carried out.”

Cerealto Siro creates biscuits, cereals and pasta products that are distributed throughout Europe and North America. The company was established in 2018 after the merger of Grupo Siro and Cerealto. Since the merger, the food manufacturer has focused on developing its core products.

Cerealto Siro is currently negotiating the sale of its bread and pastry plants in Antequera, Briviesca, Medina and Navarrés.