Worldwide bakery company Grupo Bimbo has acquired Ecuadorian brand Supan.
The Mexican bakery giant expects the acquired business will generate sales of over $57m a year before interest, taxes, depreciation and amortisation, a measure of profit.
The company released a statement which said: “The transaction represents Grupo Bimbo’s debut into the Ecuadorian market, in line with the company’s strategy to further strengthen its footprint in the Americas.”
Supan employs approximately 900 associates and operates two production facilities, located in Guayaquil and Quito.
The deal will end a long dispute over the Ecuadorian company’s use of the Bimbo brand name in its home country.
The Mexican bakery firm acquired Canada Bread, the bread division of Maple Leaf Foods, for C$1.8bn (£1bn) this February.