Although he leaves the management seat, Ramos Arvizu will join the company’s Board of Directors, according to the statement sent to the Mexican Stock Exchange (BMV).
Ernesto Salmón Castelo, the next general director of the firm, joined the company in 1991, since then he has held positions in the commercial area, operations and supply chain. The manager will be the one who leads the delisting of the company from the stock market, in Mexico and the United States.
Bachoco made public his intentions to leave the Stock Exchange last year; However, he failed in his first attempt to buy his shares. Now the challenge will be to convince public investors who have 14% of the outstanding titles.
The Robinson Bours family, which controls the station, needs to have 95% of the circulation titles to go public in Mexico and the United States, as announced in March. However, it only managed to increase its participation from 73.3% to 87.7% by acquiring 86.6 million shares, according to a statement.
Now the controlling party has the option of convincing at least the 8% of the independent investors that they lack to have a vote in favor of the delisting in a meeting, or prepare another public offer. Until now, he has not revealed what his next move will be to finalize his exit from the BMV.
During the third quarter of 2022, Bachoco reported that its revenues rose 20%, in proportion to an increase in its sales costs. Bachoco, like other food companies, has faced a constant increase in the price of its raw materials, such as corn paste and soybeans, in recent months as a result of the war between Russia and Ukraine, which has caused a shortage and an increase in the price of commodities.
The company’s total sales between Mexico and the United States amounted to 24,457 million pesos during the quarter, an increase of 20.9%. The most considerable increase occurred in its non-poultry segments, such as pork and other value-added turkey and beef products, whose sales grew above 44%.
The increase in sales was driven by a rise in retail prices, more than by the volume shipped, which only grew 1.4%. The company’s cost of sales rose to 21,189 million during the period due to a higher cost of raw materials in US dollars.