The Mexican Bimbo rescues its Spanish subsidiary after losing 180 million
The Mexican giant Bimbo has chocked on the Spanish market. Bakery Iberian Investments, its parent company in Spain, has accumulated losses of almost 180 million euro in the last two years.
The reasons for this are several: the purchase of Panrico for 190 million two years ago, the distribution high costs of products with a low expiry date, the open battle against the industrial bakery products and the advance of the white label products.
In recent months, the group has launched measures to save costs and stop their losses in Spain, although this is costing some clashes with the unions.
Source: El Economista