Mexico City – Mexican consortium Gruma, the world's largest corn flour manufacturer, said it acquired the tortilla plant of Nebraska-based Casa de Oro Foods for $20 million.
Gruma said Casa de Oro makes wheat flour tortillas, mostly for the institutional sector (restaurants and food wholesalers), and employs 250 people.
The Mexican consortium said this new acquisition - its third this year - will expand its presence in the U.S. Midwest and reduce product transport costs.
Casa de Oro posted approximately $29 million in total sales last year, Gruma said.
The Mexican consortium recalled that it also acquired two other plants earlier this year, including one in Russia on Aug. 13 for $7 million.
The second plant, acquired for $8.8 million on April 24, was the Albuquerque Tortilla Company, which makes corn and wheat tortillas and has a strong presence in the south-central United States.
Founded in 1949, Gruma is one of the world's largest tortilla and corn flour producers and has operations in the United States, Mexico, Venezuela, Central America, Europe, Asia and Australia and exports to 105 countries worldwide.
Headquartered in the northern Mexican industrial city of Monterrey, Gruma has around 20,000 employees and 96 plants.
In 2010, the company posted net sales of $3.8 billion, 67 percent of which came from its operations abroad.