April 19, 2017 / 7:52 PM / a year ago

UPDATE 1-Mexico's Bimbo plans expansion in China, Asia, Middle East

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By Sheky Espejo

MEXICO CITY, April 19 (Reuters) - Mexican breadmaker Grupo Bimbo plans to grow in China in the short term with acquisitions, while also expanding in the rest of Asia and entering Middle Eastern markets, the company’s food business chief said on Wednesday.

Bimbo, which entered China in 2006 after buying the local assets of Spanish competitor Panrico, plans to expand in China through purchases of local companies, Bernardo Zermeno, the food business chief, told Reuters on the sidelines of an event in Mexico City.

“Bimbo will look for a consolidation that will allow for expansion,” he said.

Bimbo shares were up 0.60 percent in late afternoon trading at 45.44 pesos ($2.41).

$1 = 18.8360 pesos Reporting by Sheky Espejo; Editing by Leslie Adler

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