CELAYA, Mexico, March 24, 2017 /PRNewswire/ -- Industrias Bachoco S.A.B. de C.V. ("Bachoco" or "the Company") (NYSE: IBA; BMV: Bachoco), Mexico's leading producer and processor of poultry and other food products, announced today that its subsidiary OK Foods, located in Arkansas and Oklahoma, has begun a recall of approximately 1 million pounds of breaded chicken. The products, which were produced at its Oklahoma City plant between December 19, 2016 and March 7, 2017, could be contaminated with extraneous materials, specifically metal.
Most of affected product remains in the company's inventory control and there have been no confirmed reports of adverse reactions due to consumption of these products.
The company has identified and isolated the problem to one production line in its recently acquired Oklahoma City plant, and it has taken immediately actions to eliminate the problem through increased quality control measures.
Even when the company expects no material effect on its financial results, it will work intensively to keep the confidence of its customers of product produced in this facility.
We are confident that our OK Foods team is effectively managing the issue as they continue working with USDA officials to resolve the matter.
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 64 distribution centers in Mexico, and a productive complex in the United States. Currently the Company employs more than 25,000 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.
Daniel Salazar, CFO, or María Guadalupe Jaquez, IR
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