Gruma divestment good for creditors, says Fitch

Gruma divestment good for creditors, says Fitch

M&A

A deal by Mexico’s Gruma to sell assets to Trimex is positive for the food company’s creditors, Fitch has said. Gruma announced plans on Wednesday to sell its Molinera de Mexico and assets owned by subsidiary Grupo Industrial Maseca to Trimex. It will use the $200m it gets from the sale to pay down debt, it said. The divestiture of a less profitable operation will improve Gruma’s profitability and the deal will push down the company’s total debt to two times Ebitda, from 2.3 times, Fitch said. A

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