Mexico-based tortilla company, Gruma announced it has completed the sale of its wheat flour milling business in Mexico for $260 million. Gruma, which was founded in 1949, has 99 plants, is one of the world’s biggest tortilla producers, and exports its products to 100 countries worldwide. A Mexican wheat producer, Grupo Trimex acquired all of the assets of Grupo Industrial Maseca and all of the stock of Gruma subsidiary Molinera de Mexico for $260 million. The proceeds from the sale will be used by Gruma to pay down debt and strengthen the company’s balance sheet. Grupo Trimex has four plants and sells products under the brands Medalla de Oro and Victoria brands.
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