Mexico’s Femsa said on Monday it agreed to buy Farmacias Farmacon, a drugstore operator based in the state of Sinaloa, for an undisclosed sum. Farmacias Farmacon operates more than 200 stores in the states of Sinaloa, Sonora, Baja California and Baja California Sur.
Femsa, which operates the OXXO chain of convenience stores and also has a joint venture with The Coca-Cola Co to bottle Coke through Coca-Cola Femsa, has been expanding into pharmacies and fast food over the last few years.
Femsa said in a brief statement that the acquisition of Farmacias Farmacon was “an important step as Femsa Comercio advances in its strategy to establish a relevant position in this attractive small-boxretail segment.”
Femsa is based in the city of Monterrey and owns Coca-Cola Femsa, Femsa Empaques and Femsa Logistica, among other businesses.
(from Reuters)
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