March 15, 2022 |
Mexican baker Grupo Bimbo said Monday that it has halted sales of the Bimbo brand in Russia and also called off new investments in the country "[d]ue to the current international situation and in line with our core values."
The company did not say how much it had planned to invest in Russia this year, but it said the country represented less than 0.5% of the group's sales in 2021. Bimbo acquired a bakery facility in Russia when it bought Chicago-based East Balt Bakeries for $650 million in 2017.
Mexican baker ceases sales and new investments due to the "current international situation"