Industrias Bachoco $IBA stock formed a bullish Marubozu candlestick pattern on January 3, 2023. The stock is also testing downtrend channel breakout resistance. $IBA stock is in a technical uptrend.
Bachoco Reaches an Agreement to Acquire Norson, in Mexico
On December 2, 2022, Industrias Bachoco declared that it had reached an agreement with Norson Holding, a vertically integrated producer and exporter of pork in Sonora, Mexico, to buy all of its capital equity.
Norson is a significant pork producer in Mexico with more than 40 years of experience in the industry. The integration of Norson’s businesses includes genetics, hog farms, feed mills, slaughter and cut facilities, value-added facilities, distribution centers, and owned retail stores. Additionally, Norson engages in export business to the US, Japan, China, and Korea.
Rodolfo Ramos, CFO, stated:
“This agreement is in line with our growth plans for our pork business and follows our diversification strategy in other proteins.
Once we have the approval of the corresponding authorities, we will proceed to integrate and capture the identified synergies. With this, we continue reinforcing our presence in the Mexican market, in order to become one of the main producers of animal protein.”
One of the biggest producers of poultry worldwide, Industrias Bachoco is the market leader in Mexico.