CELAYA, Mexico, Dec. 16, 2020 /PRNewswire/ -- Industrias Bachoco S.A.B. de C.V. ("Bachoco" or "the Company") (NYSE: IBA; BMV: Bachoco), announced today that an agreement has been reached to invest in the company RYC Alimentos (RYC), a multiprotein processor and distributor with productive operations in Puebla, Mexico.
Founded in 1983, RYC is a meat processor and distributor mainly of beef, pork, and chicken with national coverage that participates in all the distribution channels with fresh and value-added products. This, along with the effort of more than 900 employees, has allowed RYC to be among the leading companies in its field.
Rodolfo Ramos, Bachoco´s CEO, stated:
"This agreement is in line with our inorganic growth strategy, allowing us to keep solidly moving towards the consolidation in animal proteins as well as in value-added products. At the same time, with this investment we reinforce our commitment of contributing with the nourishment of our consumers.
The Mexican antitrust authorities, COFECE, will properly review this business agreement. Therefore, once authorized, more details of the transaction will be given.
We expect to integrate this transaction as soon as possible and capture the opportunities we have identified. "
Industrias Bachoco is the leader in the Mexican poultry industry, and one of the largest poultry producers globally.
The Company was founded in 1952, and became a public Company in 1997, via a public offering of shares on the Mexican and The New York Stock Exchange. Bachoco is a vertically integrated Company headquartered in Celaya, Guanajuato located in Central Mexico. Its main business lines are: chicken, eggs, balanced feed, swine, and other products. Bachoco owns and manages more than a thousand facilities, organized in nine productive complexes and 66 distribution centers in Mexico, and a productive complex in the United States. Currently the Company employs more than 28,000 people. The Company is rated AAA (MEX), the highest rating awarded by Fitch Mexico, S.A. de C.V., and HR AAA which signals that the Company and the offering both have the highest credit quality by HR Ratings de Mexico S.A. de C.V.
The document contains certain information that could be considered forward looking statements concerning anticipated future events and performance of the Company. The statements reflect management's current beliefs based on information currently available and are not guarantees of future performance and are based on our estimates and assumptions that are subject to risks and uncertainties, including those described in our Annual Information Form, which could cause our actual results to differ materially from the forward-looking statements contained in this document. Those risks and uncertainties include risks associated with ownership in the poultry industry, competition for investments within the poultry industry, shareholder liability, governmental regulation, and environmental matters. As a result, there can be no assurance that actual results will be consistent with these forward-looking statements. Except as required by applicable law Industrias Bachoco, S.A.B. de C.V. undertakes no obligation to publicly update or revise any forward-looking statement.
SOURCE Industrias Bachoco, S.A.B. de C.V.