Grupo Bimbo announced today an agreement with General Mills for acquiring the frozen bread business in Argentina, a transaction that is subject to the approval of regulatory authorities.

Through this acquisition –that does not represent a material amount for the Company– Grupo Bimbo will continue consolidating its presence in the South American market, complementing its supply in the category of frozen bread that the Company is already manufacturing under the Bertrand® brand. The portfolio includes products such as French baguettes and croissants.

Grupo Bimbo started operations in Argentina in 1995 and is leader of the bread industry in that country with five plants and a portfolio of products under emblematic local and global brands in the categories of bread loaves, buns, tortillas and sweet rolls, among others.

This transaction is expected to be formalized in May 2016.