Barry Callebaut, the Switzerland-based manufacturer of cocoa and chocolate products, has signed a new long-term supply agreement with Grupo Bimbo, the Mexican food and baking company.
Under the agreement, Barry Callebaut will supply the plants of Grupo Bimbo with up to 32,000 tonnes of chocolate products annually for its domestic market, through the company's Mexican factories in Toluca and Monterrey. The projected volumes are expected to start immediately.
Barry Callebaut will invest approximately CHF15m ($16m) as a result of the deal.
Barry Callebaut CEO Juergen Steinemann said the new outsourcing agreement with Grupo Bimbo is a further landmark in opening up the promising market potential in Mexico.
"This agreement confirms the trend in outsourcing and our strategic focus on emerging markets," Steinemann added.
The parties agreed not to disclose any further terms of the agreement.