Grupo Bimbo B de C : Bimbo Bakeries USA Successfully Completes Voluntary Separation Program
June 26, 2018 at 07:53 pm EDT
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Bimbo Bakeries USA Successfully Completes Voluntary Separation Program
Mexico City, June 26, 2018 - Grupo Bimbo S.A.B. de C.V. ("Grupo Bimbo" or the "Company")
(BMV:BIMBO) today announced that its subsidiary Bimbo Bakeries USA, Inc. ("BBU") has successfully completed its Voluntary Separation Program ("VSP"), undertaken to accelerate the Company's strategic objective of lean organizational design. The VSP better positions BBU for profitable and sustainable growth by enhancing operational and administrative efficiencies.
"This effort represents an important part of our transformation to drive growth, improve productivity and enhance profitability. The completion of this program will help increase cash flow and improve profitability, as it has a payback of less than two years. Furthermore, a leaner, stronger and less complex organizational structure allows us to respond to new opportunities with greater agility. We extend our gratitude to all those who have been part of the BBU family and continue to progress in our Purpose of Building a Sustainable, Highly Productive and Deeply Humane Company" said Fred Penny, BBU President.
This program, along with other initiatives, resulted in a net headcount reduction of around 600 positions at BBU. As a result, Grupo Bimbo will take a non-cash charge of approximately US$100 million in the second quarter. This one-time charge mainly reflects associate severance and benefits-related costs that will immediately benefit the Company starting in the third quarter and in the long term.
About Grupo Bimbo
Grupo Bimbo is the largest baking Company in the world. Grupo Bimbo has 198 plants and more than 1,800 sales centers strategically located in 32 countries throughout the Americas, Europe, Asia and Africa. Its main product lines include fresh and frozen sliced bread, buns, cookies, snack cakes, English muffins, bagels, pre-packaged foods, tortillas, salted snacks and confectionery products, among others. Grupo Bimbo produces over 13,000 products and has one of the largest direct distribution networks in the world, with more than three million points of sale, around 59,000 routes and more than 139,000 associates. Its shares trade on the Mexican Stock Exchange (BMV) under the ticker symbol BIMBO, and in the over-the-counter market in the United States with a Level 1 ADR, under the ticker symbol BMBOY.
Investor Relationswww.grupobimbo.com
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Estefanía Poucel
María del Mar Velasco
estefania.poucel@grupobimbo.com
maria.velasco@grupobimbo.com
(5255) 5268 6830
(5255) 5268 6789
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Grupo Bimbo SAB de CV published this content on 26 June 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 June 2018 23:52:02 UTC
Grupo Bimbo SAB de CV is a Mexico-based company engaged in the food processing sector. The Company focuses on the manufacture, distribution and sale of bread, breakfast bread muffins and bagels, frozen bread, cakes and smaller cakes, sweet and non-sweet cookies, tortillas, pita bread, pizza bread, tostadas and tortillas, snacks, salads and candies, among others. Its segments comprise Mexico; North America, including the United States and Canada; Organization Latinamerica (OLA), including Central and South America, and Europe. The Company operates in over 20 countries and has approximately 100 brands. The Company offers over 10,000 products under various brand names, such as Bimbo, Barcel, Sara Lee, Oroweat, Marinela, Arnold, Entenmann's, Ricolino, Dempster' and Thomas'. It operates through Groupe Adghal.
GRUPO BIMBO, S.A.B. DE C.V. 
