Bunge to Acquire Grupo Altex Wheat Mills in Mexico

ST. LOUISBunge North America has agreed to purchase the wheat milling business of Grupo Altex S.A. de C.V. for an undisclosed amount. The transaction is expected to close by the end of the year subject to regulatory approval and customary closing conditions.

Grupo Altex is a leading Mexican wheat miller that operates six mills with an annual processing capacity of approximately 800,000 metric tons. It produces a broad portfolio of products from many varieties of wheat, including bread flour, prepared flours for baked goods, tortillas and pizza and semolina for pasta. The mills are located to serve Mexico's key population centers and will complement Bunge's existing wheat milling business, Harinera La Espiga, to provide nationwide coverage to key flour customers. In addition to the mills, Bunge is acquiring Grupo Altex's product brands and its innovation center.

"This investment further strengthens our core food and ingredients segment by building on the consistent success of our North American milling business," said Gordon Hardie, managing director, Food & Ingredients, Bunge Limited. "Grupo Altex has an experienced team, efficient assets and an innovative product portfolio that will provide a solid platform for profitable growth in a compelling market."