Grupo Bimbo, S.A.B. de C.V., Mexico City, announced that Bimbo Bakeries USA Inc. (BBU), its Horsham, Pa.-based United States business, has completed its $31.9 million purchase of the Beefsteak brand, acquired as part of the Hostess Brands bankruptcy proceedings. The transaction was funded with cash holdings.
Beefsteak is one of the largest volume selling rye breads in the United States and has a strong, established presence in the Midwest and Mid-Atlantic regions, according to Grupo Bimbo.
The company also reports that Don Roberto Servitje Sendra will retire from his position as chairman of the board of directors on July 1. CEO Daniel Servitje Montull will succeed him.
Servitje Sendra joined Grupo Bimbo in 1945 and has served as board chairman since 1994. He also was executive vice president from 1974 to 1983 and CEO from 1983 to 1997 and served in a number of other relevant positions.
“Don Roberto is a visionary businessman whose values helped shape Grupo Bimbo and lead the organization through its exponential growth in recent decades,” says Servitje Montull. “In him, I found constant support and guidance. His integrity, accountability and demand for excellence have guided us through periods of transition and growth. I am honored to accept the role of chairman for this next chapter of Grupo Bimbo’s journey.”