Grupo Bimbo sells its candy and chocolate division for $1.3 billion to Mondelēz

The Mexican company announced that it will focus on its bakery and snack businesses.

Grupo Bimbo says goodbye to Ricolino . The world’s largest Mexican bread producer today announced the sale of Ricolino, which for years was its candy and confectionery brand, for $27 billion pesos ($1.3 billion dollars) to Mondelēz International, Inc. The movement will allow the group to strengthen its leadership in the bakery and snacks sector.

Courtesy of Entrepreneur