The group said it planned to concentrate operational and financial resources on making third-party biscuits, cereals and pastas, which it believed had global growth potential.
In the UK, the business has a manufacturing centre located in Worksop (Nottinghamshire), built by Cerealto in 2015. The facility specialises in biscuits and cereals, and has a workforce of more than 300.
Team of 5,000
Announcing the agreement on 16 November, the company said it would close the 2018 financial year with estimated consolidated turnover of €600m (£532.5m) and production capacity of 400,000t.
It has a team of more than 5,000 people distributed among 17 production centres in Spain, Portugal, Italy, the UK and Mexico, and has a US-based team.
“While Siro brings in its wide expertise on these categories’ management, Cerealto provides its international structure and experience, as well as its client portfolio,” the firm said in a statement.
The company said its business model was focused on the consumer, quality, innovation in products and processes and operational excellence.
In addition, it claimed to be committed to the development of the communities where it operated and to the integration of people with barriers to work, which represent more than 12% of its workforce.
Founded in 1991, Grupo Siro, which has its headquarters in Palencia, Spain, has become one of Spain's leading corporate groups in the food sector.
In 2017, it posted turnover of €494m, with pre-tax profit of €77m (£68.3m). It has 12 production centres in Spain and employs more than 3,000 people. In addition to biscuits, pasta and cereals, it produces sliced bread, cakes and pastries.
Cerealto has bases in Spain, Portugal, Italy, Mexico and the UK. It has the capability to contract manufacture a range of products, which – in addition to those in Grupo Siro’s portfolio – include baby food, crackers, snacks, gluten-free products and cereal bars.
In October, it announced that it expected to close the financial year having achieved a 35% increase in production, equivalent to 150,000t and with sales of more than €228m (£202.4m).