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Gruma, S.A.B. de C.V., known as Gruma, is a Mexican multinational corn flour (masa) and tortilla manufacturing company headquartered in San Pedro, near Monterrey, Nuevo León, Mexico. It is the largest corn flour and tortilla manufacturer in the world.[1] Its brand names include Mission Foods (Misión in Mexico), Maseca, and Guerrero.

Key Information

Gruma reported revenues of US$3.8 billion for 2014. It operates more than 79 plants worldwide, mainly in Mexico, the United States, and Europe, and employs approximately 18,000 people.[1] It is listed on the Mexican Stock Exchange since 1994, and it had a NYSE listing through ADRs from 1998 to September 2015. It is a constituent of the IPC, the main benchmark index of Mexican stocks.

History

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The first industrial production facility of corn flour in the world was opened in 1949 under the name "Molinos Azteca, S.A. de C.V.", later shortened to "Grupo Maseca". Expansion quickly led to the government of Costa Rica inviting the company to invest in that country, in 1973. From then on, a long tradition of investments outside of Mexico was followed. In 1977, Grupo Maseca opened a subsidiary in California, pioneering in the production of tortilla in the United States. It would be in Texas, in 1982, where Maseca would open the first production facility of nixtamalized corn flour in that country.

The election of Carlos Salinas de Gortari, a close family friend of Grupo Maseca president Roberto Gonzalez Barrera, allowed Gruma to grow substantially while hastening the decline of traditional masa and tortilla production.[2][3] In 1990, the Mexican Department of Commerce under Salinas's administration instituted limits on the overall amount of fresh corn purchased at a support price by CONASUPO, requiring all further growth in the corn market to come from corn flour instead.[2] The only two corn flour providers at the time were Grupo Maseca and the publicly-owned Miconsa; the latter was mismanaged by Salinas's administration to the point of losing almost all of its market share, leaving Gruma with a near-monopoly.[2] Salinas also changed government policy to incentivize tortillerias to use Maseca rather than fresh masa, punishing those who refused with lower-quality corn and stricter grain limits.[2]

By 1990, the company had subsidiaries in North America and Central America, including the United States, Honduras, and Costa Rica. It was in this year when the company made its initial public offering in the Mexican Stock Exchange as "GIMSA", or "Grupo Industrial Maseca".

Gruma consolidated itself as a holding company after acquiring 10% of Banorte in 1992. From then on, a history of expansions would open subsidiaries around the world, including one in Coventry, England in 2000, and another one in Shanghai, China in 2006, also recently in Ukraine in 2010.

Controversies

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Gruma has faced criticism for its continued operations in Russia following the 2022 invasion of Ukraine. Despite widespread international sanctions and calls for businesses to withdraw from the Russian market, Gruma maintains one production plant within the country. This decision has drawn scrutiny and raised concerns about the company's ethical considerations and its alignment with international efforts to pressure Russia.[4]

Subsidiaries

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Apart from its 10% interest in Banorte, Gruma operates as a holding company for a number of subsidiaries that produce, market, and distribute its various products around the world.

Mission Foods

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Main article: Mission Foods

One of the world's largest producers of flatbread, tortilla and corn flour products.

Gruma Corporation

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Produces and commercializes corn flour and tortillas in the United States, Europe, and China. In the United States, Gruma Corporation is headquartered in Irving, Texas.

Gruma Corporation in China is based in Shanghai, and made it the first tortilla producer in that country. It has a production capacity of 15,000 tonnes (14,800 long tons; 16,500 short tons) of wheat tortillas, 7,000 tonnes (6,890 long tons; 7,720 short tons) of corn tortillas and 6,000 tonnes (5,910 long tons; 6,610 short tons) of snacks. In Asia, the company also has distributors in Japan, South Korea, Singapore, Hong Kong, Thailand, Philippines, and Taiwan.

GIMSA

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Short for "Grupo Industrial Maseca, S.A.", it is dedicated to the production, distribution, and marketing of corn flour in Mexico. GIMSA has the largest production capacity, with a market share of about 70%. GIMSA has production facilities in 15 states, including Nayarit, Sonora, Chihuahua, Veracruz, Baja California Sur, Sinaloa, Jalisco, Yucatan, Nuevo León, Baja California, Chiapas, Tamaulipas, Guanajuato, Michoacán, and the State of Mexico.

Molinera de México

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It is the largest producer of wheat flour in Mexico, with a capacity of one million tons. Gruma entered this market through joint ventures with Archer-Daniels-Midland in 1996, and the further acquisition of other companies. Among its principal brands are "Selecta", "Reposada", "Sello de Oro", and "Diluvio".

Prodisa

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Produces, markets, and distributes tortillas through Gruma's most recognizable brand, Misión.

Tecno Maíz

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Designs, manufactures and markets machinery for the production of tortillas and other corn snacks. The machinery is sold under the brands "Tortec" and "Batitec".

Gruma Centroamerica

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With operations in Costa Rica, Honduras, Guatemala, and El Salvador, Gruma produces over 126,000 tonnes (124,000 long tons; 139,000 short tons) of corn flour a year, marketed under the brands "Maseca", "Masarica", and "Torti Masa". Gruma also markets tortillas under the brand "Torti Rica", and other snacks with the brands "Tosty" and "Luisiana".

Gruma also produces palmito in 37,000 acres (14,973 ha) of fields in Costa Rica, to be exported to France, Spain, Belgium, Canada, and the United States.

Molinos Nacionales (Monaca) and Derivados de Maíz Seleccionados (DEMASECA)

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These two companies operate Gruma's interests in Venezuela, which make the company the second largest producer of corn and wheat flour in that country.[citation needed]

References

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[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Gruma

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from Grokipedia

Gruma, S.A.B. de C.V. is a Mexican multinational food company headquartered in Monterrey, specializing in the production of corn flour, tortillas, and related products. Founded in 1949 by Roberto M. González Gutiérrez in Cerralvo, Nuevo León, the company pioneered industrial-scale corn flour production by developing a method to preserve nixtamalized corn dough, enabling mass production and distribution of tortillas and masa harina. Gruma operates through subsidiaries like GIMSA in , which holds approximately 74% market share in corn flour, and Gruma Corporation in the United States under brands such as , facilitating global expansion since acquiring a Los Angeles tortilla plant in 1975. The firm maintains leading positions in key markets with operations spanning , , and , producing , snacks, and wraps alongside its core corn-based offerings. As of 2025, Gruma reports trailing twelve-month revenue exceeding $6 billion USD, reflecting sustained growth driven by technological innovations and in corn processing. Its defining achievement lies in revolutionizing traditional -making through , though this dominance has drawn scrutiny for consolidating control over supply chains in and beyond.

Company Overview

Founding and Core Operations

Gruma, S.A.B. de C.V., was founded in 1949 in Cerralvo, , , by Roberto M. González Gutiérrez and his son , initially operating as Molinos Azteca, S.A. de C.V. The establishment addressed the longstanding challenge of preserving nixtamal dough, a traditional preparation used for , by pioneering the industrial production of nixtamalized corn flour. This innovation enabled the dough's stabilization in dry form, facilitating storage, transportation, and consistent quality in tortilla manufacturing, marking a shift from labor-intensive, perishable traditional methods to scalable . The company's core operations center on the production and distribution of corn , tortillas, and related maize-based products, with nixtamalized corn as the foundational offering under brands like Maseca. Gruma's primary activities involve processing corn through —alkaline cooking and steeping to enhance and texture—followed by milling into suitable for tortillas, chips, and flatbreads. This focus has positioned Gruma as the world's largest producer of corn and tortillas, emphasizing efficiency in supply chains from corn sourcing to finished goods. Operations prioritize , including corn processing facilities and distribution networks, to maintain control over quality and costs in production.

Products and Market Position

Gruma specializes in the production of nixtamalized corn flour, corn and flour , tortilla chips, shells, flatbreads, and value-added products such as prepared flours for snacks and specialties. Its corn flour segment, derived from whole corn processed through , serves as a base for traditional foods like and tamales, while tortilla products include both fresh and shelf-stable varieties tailored for retail and foodservice. The company also manufactures complementary items like crunchy fried tortilla chips under brands emphasizing regional flavors and shells for convenience. Key brands underscore Gruma's diversified offerings: Maseca dominates corn globally as a staple for home preparation in and beyond; Mission targets North American consumers with tortillas, wraps, and chips focused on accessibility and innovation; Guerrero appeals to markets with authentic corn-based products; and Calidad supports entry-level positioning in . These brands collectively enable Gruma to address mass-market staples alongside premium or functional variants, such as low-fat snacks and artisan-style flatbreads. Value-added lines extend to coarse-milled corn for grits, , and specialty blends, broadening applications beyond traditional . Gruma holds a leading global position as the world's largest producer of corn flour and tortillas, with operations spanning over 100 plants across multiple continents. In the United States, its subsidiary Mission Foods commands approximately 40.8% of the tortilla production market as of recent industry analysis. In Mexico, Gruma's GIMSA division captures about 74% of the corn flour sector, reflecting entrenched dominance in nixtamalized products essential to local diets. This concentration has drawn regulatory scrutiny, with Mexico's Cofece antitrust authority noting Gruma's corn flour market share ranging from 22% to 80% regionally and recommending divestitures of five plants in October 2024 to curb potential pricing influence. Fitch Ratings affirms Gruma's strong competitive edge through scale, brand strength, and supply chain integration, supporting its 'BBB' credit rating as of September 2024.

Global Footprint and Economic Impact

Gruma maintains production facilities across the , , , and , with operations spanning more than 110 countries through its global brands Maseca and Mission, alongside localized brands. The company operates approximately 72 strategically located plants, enabling it to serve both industrial and retail customers in key markets including the , , , and . In , subsidiaries like Gruma Corporation and dominate and corn flour production, while in , six plants focus on tortillas and flatbreads, contributing to sales growth in that region. Economically, Gruma reported net sales of $6.5 billion in 2024, with 73% derived from non-Mexican operations, underscoring its international revenue reliance. As the world's largest producer of corn flour and tortillas, the company employs over 25,000 people globally, supporting supply chains in food manufacturing and retail. In the United States alone, Gruma USA generated operating income of $588.8 million in fiscal 2024, reflecting robust performance in its primary export market. This footprint facilitates efficient distribution and market penetration, though it exposes the firm to currency fluctuations and regional trade dynamics.

Historical Development

Early Innovations and Growth (1949–1980)

Gruma was founded on January 3, 1949, by and his father, Roberto M. González Gutiérrez, in Cerralvo, , , to address the challenge of preserving nixtamalized corn dough, which traditionally spoiled quickly and limited tortilla production efficiency. The inaugural plant, named Molinos Azteca, employed 45 workers across three shifts and produced approximately 150 tons of nixtamal corn flour per month, enabling longer storage and simpler preparation by mixing the flour with water. This innovation industrialized a process that reduced labor and time compared to manual , while maintaining the nutritional benefits of the traditional alkali treatment of corn. In the , Gruma refined its nixtamal production through extensive experimentation to achieve optimal tortilla color, texture, and flavor, leading to the launch of the Maseca brand, coined by from "masa seca" (dry dough). The company expanded by constructing a second facility in Acaponeta, , emphasizing uniform industrial output to gain acceptance among consumers and distributors for using the in staple foods like . The dry process—involving corn for 30 minutes, hot-air , and milling—ensured sanitary conditions, consistent quality, and extended over fresh nixtamal. By 1965, Gruma secured a patent for an enhanced tortilla-making machine, co-developed by and engineer Manuel Jesús Rubio, which yielded 20% more tortillas per kilogram of corn at a rate of 30 to 40 per minute. The firm grew steadily through the and despite regulatory constraints from Mexican government agencies on corn marketing, operating seven plants by 1971 and establishing its first international facility—the world's largest tortilla plant at the time—in , where Maseca flour enrichment with vitamins and proteins began. In 1976, Gruma entered the U.S. market with a West Coast plant, introducing the brand for s, chips, and taco shells. By 1978, it encompassed 16 affiliated companies and 12 plants in , employing 8,500 people; annual production reached 750,000 tons by 1979, with sales climbing to 4.16 billion pesos (equivalent to $183.9 million).

Expansion Amid Challenges (1980s–2000)

In the 1980s, Gruma pursued aggressive expansion into the market, acquiring ten tortilla plants to establish a stronger international presence amid Mexico's economic turbulence, including the 1982 debt crisis that led to peso devaluation and austerity measures. This move diversified operations beyond domestic constraints, where and import substitution policies had previously dominated. Concurrently, Gruma constructed its first corn flour mill in , under the Azteca Milling subsidiary, enhancing supply for the burgeoning U.S. tortilla sector. The company also secured the brand, a staple among Mexican-American consumers in , bolstering in key markets. By the late 1980s and into the 1990s, Gruma extended operations into Central America, installing production facilities in Honduras, El Salvador, Guatemala, and Nicaragua to capitalize on regional demand for corn products while mitigating risks from Mexico's volatile economy. In 1990, the firm opened the world's largest tortilla plant at the time on Olympic Boulevard in Los Angeles, California, with a daily capacity of 14 million units, underscoring its scale-up in North America. These efforts coincided with Mexico's push toward liberalization, but the December 1994 peso crisis—triggered by political instability, capital flight, and abrupt devaluation—imposed severe pressures, including exchange rate volatility and contracted domestic consumption. Gruma navigated this by leveraging U.S. revenues and international assets, conducting an initial public offering on the Mexican Stock Exchange in 1994 and acquiring a 10% stake in Banorte to consolidate as a holding company. Further consolidation followed in 1995 with the facility near , merging prior plants and achieving a record 25 million tortillas per day, which fortified efficiency amid post-crisis recovery. Expansion continued southward with the acquisition of Molinos Nacionales (MONACA) in , a major corn and producer, extending Gruma's footprint into . By 1998, shares listed on the under ticker GMK, attracting global capital and signaling resilience despite ongoing macroeconomic headwinds like NAFTA implementation delays and commodity price fluctuations. These strategic pivots positioned Gruma to dominate corn flour markets, controlling significant shares in and abroad by century's end, even as domestic critics highlighted policy favoritism under PRI administrations.

Internationalization and Modernization (2000–2020)

During the early 2000s, Gruma accelerated its international expansion beyond , entering the European market in 2000 by opening its first tortilla and corn chips production plant in , , building on prior trade relationships established in 1997. This move marked the company's strategic shift toward diversified global operations, targeting growing demand for s and corn-based products in non-traditional markets. Subsequent acquisitions bolstered this presence, including Ovis Boske in the and Nuova De Franceschi & Figli in in 2004, enhancing corn flour and tortilla capabilities in . In the mid-2000s, Gruma extended its footprint into Asia and Oceania, acquiring Rositas Investments and Oz-Mex Foods in Australia in 2006, followed by the opening of a tortilla plant in China that same year and initiating construction of another in Australia in 2007. Further growth included the 2011 acquisitions of Semolina in Turkey, Solntse Mexico in Russia, and two U.S. tortilla plants in Omaha, Nebraska, and Albuquerque, New Mexico, alongside earlier 2005 purchases of three U.S. plants from Cenex Harvest States in Minnesota, Texas, and Arizona. By the 2010s, expansions continued with new tortilla plants in Dallas, Texas (2016 and completed 2018), Malaysia (2016), Russia (2016), and Monterrey, Mexico (2016), as well as the 2015 acquisition of Azteca Foods Europe for €45 million to strengthen catering and retail channels. These initiatives diversified revenue, with international operations outside Mexico contributing significantly to sales growth amid rising global Hispanic and ethnic food demand. Modernization efforts paralleled this expansion, focusing on capacity upgrades and technological advancements to improve efficiency and product quality. In 2004, Gruma expanded a nixtamalized corn mill in , U.S., while 2008–2010 investments targeted technology upgrades across facilities. The 2010s saw substantial capital expenditures, including US$198 million in the U.S. from 2018–2020 for manufacturing enhancements and US$79 million in for automation in , the , and a Russian plant. The G+ Project, implemented 2018–2020, upgraded and internal controls, supporting operational scalability; total 2020 capital spending reached Ps. 3,702 million, directed toward efficiency improvements in subsidiaries across regions. These investments enabled Gruma to maintain leadership in corn and production, with U.S. sales volumes rising 5% to 1,507 thousand tons in 2020.

Recent Strategic Advances (2021–2025)

In 2021 and 2022, Gruma allocated substantial capital expenditures to expand production capacity in the , investing a total of US$395 million between 2021 and 2023 primarily for new plant construction and upgrades. This included the construction of a new tortilla manufacturing facility in , , with US$95 million committed in the third quarter of 2022 and additional funding in the fourth quarter totaling US$73 million across U.S., Mexican, and Chinese operations. The plant complemented existing facilities, such as expansions at the plant and the reopening of the Omaha plant, enhancing Gruma's ability to meet rising demand for and corn flour in the Midwest and beyond. Gruma's strategy emphasized core product lines—corn flour and —while broadening into adjacent categories like flatbreads and healthier alternatives, with the latter identified as a key priority to capture growing consumer preferences for better-for-you options. In , the company announced a US$89 million investment in 2024 for a new production facility in Hunucmá, , aimed at bolstering local corn flour and output. These initiatives supported gains through technology upgrades and sustained annual capex levels, reaching US$298 million in 2022 alone for , , and capacity enhancements. By 2025, Gruma continued its expansion momentum with quarterly capex of $56 million in the second quarter and $44 million in the third, directed toward general upgrades and further capacity projects across subsidiaries. To fund these efforts and refinance , the company issued $800 million in dual-tranche bonds in in July 2025, which were oversubscribed ninefold, enabling ongoing global growth amid volatile commodity prices. These moves reinforced Gruma's position as the world's largest corn and producer, with U.S. operations driving consolidated and EBITDA increases despite competitive pressures from entrants like PepsiCo's Siete Foods acquisition.

Organizational Structure

North American Operations

Gruma's North American operations, distinct from its Mexican core, are centered through Gruma Corporation, which serves as the primary for production, distribution, and sales of corn-based products. Headquartered in , Gruma Corporation began U.S. operations on October 31, 1977, via the acquisition of a plant in , marking Gruma's initial expansion beyond . This entity operates under the brand, positioning it as the largest manufacturer in the U.S. market, with a focus on supplying retail, foodservice, and industrial customers. Gruma Corporation maintains 26 production facilities across the , enabling widespread distribution of products including corn flour, corn and tortillas, tortilla chips, taco shells, and flatbreads such as wraps. These operations are divided into key divisions: , which handles value-added tortilla products and related items from multiple plants, and Azteca Milling, L.P., dedicated to corn flour production across six specialized milling facilities. The company's supports high-volume output, with plants strategically located to minimize logistics costs and serve diverse channels, contributing significantly to Gruma's overall non-Mexican revenue, which accounted for 74% of the parent company's US$5.5 billion net sales in 2022. Financially, Gruma USA—encompassing these U.S. operations—reported net sales of for fiscal (ended September 2024), a 1% decline from US$3.65 billion the prior year, attributed partly to reduced foodservice volumes amid economic pressures. Despite the sales dip, operating income rose 4.2% to reflect improved margins from cost efficiencies and pricing adjustments. In the first quarter of fiscal 2025, net sales fell 3% to US$879.7 million, driven by lower volumes, though the U.S. segment continues to drive parent-level growth through targeted capital expenditures, including US$95 million invested in Q3 2022 primarily for U.S. and Mexican expansions. Operations extend product visibility into via brand distribution, though without dedicated manufacturing facilities there.

Mexican Core Entities

Gruma, S.A.B. de C.V., the parent company of the Gruma group, is headquartered in , , , and serves as the central entity managing core production, distribution, and strategic oversight of corn flour and tortilla operations within the country. Founded in , it coordinates approximately 18 manufacturing facilities in Mexico as of recent reports, focusing on from raw corn processing to finished products. Grupo Industrial Maseca, S.A.B. de C.V. (GIMSA), a key wholly owned , dominates Gruma's corn segment in as the nation's largest producer, operating 17 plants and over 40 varieties of nixtamalized corn primarily under the Maseca brand. GIMSA's output supports an estimated 70-75% in Mexican corn , enabling widespread use in household and industrial tortilla preparation, with annual production capacities exceeding millions of tons to meet domestic demand. In 2016, GIMSA reported net sales of $865 million from its Mexican-focused operations, underscoring its foundational role in Gruma's supply chain. Prodisa, another subsidiary, specializes in packaged corn flour tortillas and related products, primarily serving northern Mexico through strategies initiated in 1994, utilizing brands like Misión for distribution in retail and foodservice channels. It positions as the second-largest player in Mexico's packaged market, emphasizing fresh and shelf-stable formats to capture urban consumer segments. TecnoMaíz, a specialized Gruma subsidiary, develops and manufactures high-volume, efficient machinery systems for producing corn and tortillas, supporting industrial-scale operations and technological advancements in Gruma's facilities. These entities collectively drive Gruma's Mexican revenue, which accounted for a significant portion of group net sales prior to the 2014 divestiture of non-core assets like Molinera de México.

International and Regional Subsidiaries

Gruma maintains international subsidiaries primarily through its brand and dedicated regional entities outside and , focusing on corn flour production, tortillas, and related flatbreads tailored to local markets. These operations span , , , and , with a total of several production facilities contributing to the company's global footprint of 72 plants as of recent reports. In , Gruma Centroamerica S.A. oversees manufacturing and distribution, producing corn flour and tortillas for regional consumption, with facilities in countries such as and . This subsidiary supports Gruma's presence in markets like [El Salvador](/page/El Salvador), , and , emphasizing industrial and retail channels. In , Gruma operates via Gruma Europe, its third-largest subsidiary by net sales, generating approximately US$279 million in 2020 from tortilla operations (70% of revenue) and corn milling (30%). Mission Foods Europe, a key division, maintains four production plants, including two in the , specializing in , wraps, and flatbreads for retail and foodservice. Azteca Milling Europe complements this by producing corn grits primarily for the industry, establishing Gruma as a pioneer in that segment. These entities contributed about 7% of Gruma's overall revenue and 4% of EBITDA as of 2024, with operations adapted to European preferences for wheat-based and hybrid products. Gruma's Asian and Oceanian subsidiaries fall under Mission Foods Corporation, which supplies customized portfolios including tortillas and corn products through localized manufacturing and distribution. In , operations include facilities in countries like , serving growing demand for ethnic and fusion flatbreads, while in , plants in and focus on retail and foodservice channels. These regions leverage Gruma's global brands Maseca and Mission alongside local labels, achieving visibility in over 110 countries collectively, though specific plant counts remain integrated into Mission Foods' broader network. Prior operations in , including Molinos Nacionales (Monaca) and Derivados de Maíz (Demaiz), were lost to expropriation in , with full write-off of investments by 2015, eliminating active subsidiaries there.

Financial Performance

Gruma's net sales grew significantly from 2020 to 2023, reflecting expanded operations in and international markets amid rising demand for corn flour and tortillas. Annual increased by approximately 18% in 2023 to $6.57 billion, following steady post-pandemic recovery and volume gains. This period saw profitability margins strengthen, with net profits rising 35% in 2023 due to operational efficiencies and favorable pricing. EBITDA margins also improved, reaching higher levels through cost controls and sales mix optimization. In 2024, revenue experienced a modest decline of 1.36% to $6.49 billion, attributed to flat volumes, currency effects in operations, and softer demand in certain segments. Despite the revenue dip, rose to $531.89 million, supported by a 12% full-year EBITDA increase and margin expansion to around 18%. Profitability trends demonstrated resilience, with operating margins holding steady above 10% and earnings growth outpacing revenue, averaging 17.6% annually over the prior five years. Early 2025 indicators suggest stabilization, with Q2 net sales slightly lower but EBITDA up 1% year-over-year, and Q3 showing 1% volume growth alongside a 3% rise in majority to $132.6 million. These trends underscore Gruma's focus on cost discipline and non-Mexican (73% of total in 2024) to buffer regional volatility. Overall, while growth moderated post-2023, profitability has trended upward through margin enhancements and strategic efficiencies.
YearRevenue (USD billion)Net Income (USD million)Key Notes
2020~4.5 (est. from avg.)~270 (est. MXN conv.)COVID impacts; baseline recovery start.
2021Increasing trajectoryImprovingPost-pandemic demand surge.
2022~5.57Pre-35% 2023 jumpSteady growth.
20236.57Up 35% yoyPeak expansion.
20246.49531.89Margin-driven profit rise despite rev. dip.

Key Metrics and Investor Relations

Gruma's trailing twelve-month stood at 8.64% as of September 30, 2025, with an of 14.10%. The company's for the period was 39.47%, reflecting efficient cost management in corn and production. In 2024, Gruma achieved net sales of $6.5 billion, of which 73% originated from non-Mexican operations, underscoring its reliance on international markets particularly in the . Valuation metrics include a forward price-to-earnings ratio of 11.43 and a price-to-sales ratio of 1.03, indicating moderate market expectations for growth relative to revenue. The debt-to-equity ratio was 69.2%, balancing leverage with a total shareholder equity of approximately $2.2 billion against $1.4 billion in debt. Gruma's shares trade on the Mexican Stock Exchange under the ticker GRUMAB, with a market capitalization of 109.8 billion MXN as of late October 2025 and a recent closing price of 314.62 MXN. In the third quarter of 2025, sales volume rose 4% year-over-year to 107 thousand metric tons, propelled by segment performance. Capital expenditures for 2024 totaled $233 million, directed toward capacity expansion and operational enhancements. Gruma's function is accessible via its official website, offering quarterly financial releases, annual reports, prospectuses, and stock data with delayed pricing. Contact is facilitated through [email protected] or telephone at (52) 81 8399-3300 extension 3349, with corporate offices in , . The company also hosts shareholders' meetings and provides updates on share repurchases, such as 3.9% of shares in recent periods.

Recent Financial Results (2023–2025)

In 2023, Gruma reported net sales of , reflecting an 18% year-over-year increase primarily driven by robust demand in its and international operations. EBITDA expanded 24% to , supported by improved operational efficiencies and higher volumes, while majority net profit rose 35% to amid favorable pricing and cost controls. For the full year , net sales totaled $6.487 billion, a marginal 1.5% decline from 2023 levels due to softer volumes in certain markets and currency headwinds, though 73% of revenue derived from non-Mexican operations. EBITDA increased modestly to $1.131 billion, with margins bolstered by productivity gains, and majority net income climbed to $532 million, indicating enhanced profitability per ton despite the revenue dip. Capital expenditures reached $233 million, focused on capacity expansions in key regions. Through the first nine months of 2025, Gruma's advanced to US$393 million from US$377 million in the comparable 2024 period, driven by a 1% rise in Q3 sales volumes to 1,096 thousand metric tons and sustained margin discipline. Last twelve months net sales to Q2 2025 stood at US$6.576 billion, suggesting stabilization and potential full-year growth amid ongoing international contributions. Q3 majority net income grew 3% to US$133 million, reflecting resilient performance in a volatile input environment.

Controversies

Operations in Russia Post-2022 Invasion

Gruma maintained operations at its two tortilla production plants in following 's invasion of on February 24, 2022. The facilities, located in Stupino near and acquired through the 2017 purchase of Solntse Mexico, produce tortillas, tortilla chips, and related products under brands such as . In response to the , Gruma suspended new investments, expansion plans, and marketing expenses in during the early stages of the conflict. This decision aligned with broader international pressure on multinational firms but fell short of full or operational suspension, unlike Gruma's immediate halt of activities at its Ukrainian facility. Financial disclosures through September 2025 indicate no material adverse impact on the Russian subsidiaries' performance, with Europe-wide operations—including —contributing to Gruma Europe's net sales of US$452 million in 2024. The company's persistence in Russia has drawn scrutiny from activist groups tracking corporate responses to the war, which classify Gruma's actions as minimal curtailment rather than exit. Restructuring efforts for Russian entities, including Solntse Mexico and Mission Foods Stupino, were reported in recent years, suggesting ongoing adaptation to local conditions amid Western sanctions, though production volumes and exports remain active as of mid-2025. Quarterly reports confirm continued operations without quantified disruptions from geopolitical tensions into the second quarter of 2025.

Criticisms and Company Responses

Gruma has faced antitrust scrutiny in Mexico, where the Federal Economic Competition Commission (COFECE) issued a preliminary opinion on October 7, 2024, determining that the company holds substantial market power in the corn flour sector, with shares ranging from 50% to 90% across regions, enabling it to unilaterally increase prices above competitive levels. The regulator attributed this dominance to Gruma's extensive production capacity, distribution network, and strategic plant locations, which hinder entry by competitors and sustain elevated prices for corn flour used in tortilla production. COFECE recommended that Gruma divest five production plants to restore competition, lower prices, and encourage innovation, with the company given approximately 45 days to respond before a final decision. In response, Gruma stated it has fully cooperated with the investigation, maintains that it operates lawfully, and intends to submit evidence challenging the findings during the response period. The company has also encountered labor-related lawsuits in the United States, primarily alleging misclassification of distributors as independent contractors rather than employees, leading to claims of unpaid minimum , overtime, and unlawful deductions under the Fair Labor Standards Act and state laws. In Adler v. Gruma Corporation (filed 2022, appealed 2023–2025), father-and-son distributors in accused Gruma of dictating their operations, retaliating with termination after complaints, and violating wage payment laws; the district court compelled , a decision under appeal in the Third Circuit. Similar disputes have resulted in settlements, including a $5 million resolution in 2020 covering labor and antitrust claims by California distributors, and a $930,000 settlement approved in December 2023 without admission of liability. Gruma has defended these cases by enforcing clauses in distributor agreements and disputing the employee classification, arguing the arrangements comply with applicable laws. Additional criticisms include advertising claims for Gruma's low-carb tortillas, where the National Advertising Division (NAD) recommended modifications in October 2024 after finding disclosures insufficient to clarify that "1.5g Total Fat Per " referred to rather than per tortilla, potentially misleading consumers under FDA guidelines. Gruma agreed to comply with NAD's recommendations or appeal, though no further public response details were issued. Earlier U.S. monopoly allegations, such as 2003–2004 class actions claiming Gruma used slotting fees to exclude competitors from shelves, did not yield sustained findings and predate current operations.

Broader Business Practices Scrutiny

In October 2024, Mexico's Federal Economic Competition Commission (COFECE) issued a preliminary ruling determining that Gruma SAB de CV holds substantial market power in the corn flour sector, controlling between 50% and 90% of the market share regionally, which enables the company to influence prices upward and hinder competition. The authority cited Gruma's high concentration of production facilities and barriers to entry for rivals as factors contributing to elevated corn flour prices, recommending that Gruma divest five specific plants to restore competitive dynamics in the Mexican market. This scrutiny echoes earlier concerns, such as a 2004 lawsuit in California alleging Gruma engaged in monopolistic tactics to eliminate competitors and raise tortilla prices, though the case focused on regional dynamics rather than a nationwide monopoly. Gruma has faced allegations regarding distributor and labor practices, particularly in the United States. In the ongoing Adler v. Gruma case, filed in 2023 and appealed to the Third Circuit in 2025, former distributors claimed misclassification as independent contractors, denial of minimum wages, unlawful deductions, and retaliatory termination after raising compliance concerns under state and federal labor laws, including New Jersey's Franchise Practices Act. A district compelled arbitration under the distributor agreement's choice-of-law clause, but the appeals vacated this in April 2025, remanding for further review of governing law. Separately, a 2010 settlement with the U.S. Office of Federal Contract Compliance Programs resolved claims of sex discrimination in hiring at a Gruma facility, requiring enhanced recruitment practices without admission of liability by the company. National Labor Relations Board proceedings from 2007 addressed unfair labor practices by Gruma's division between 2001 and 2004, including interference with union organizing efforts at a plant, though remedies focused on reinstatement and backpay rather than systemic policy changes. Critics of Gruma's distributor contracts have highlighted arbitration clauses as potentially limiting worker recourse, arguing they favor corporate control over independent oversight. In response to advertising claims, the BBB National Programs' National Advertising Division recommended in October 2024 that Gruma modify or discontinue certain tortilla packaging statements implying unsubstantiated health benefits, prompting the company to agree to compliance. These cases reflect targeted legal challenges rather than widespread patterns, with Gruma maintaining compliance through internal audits and settlements where applicable.

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