Industrias Bachoco, S.A.B. de C.V. (IBA)

Industrias Bachoco is one of Mexico's largest food producers and a leading poultry company. It raises, processes and sells chicken and eggs, and also produces pork, processed meats, beef and balanced animal feed. Besides its Mexican operations, it expanded into the United States through the purchase of poultry processor OK Foods in Arkansas. Bachoco also sells table eggs, feed and pet food in Mexico.

The business began in 1952 as a small farm in Ciudad Obregón, Sonora, and was built by the Robinson Bours family into a national poultry operation. Bachoco listed its shares on the Mexican Stock Exchange and on the New York Stock Exchange in 1997, with American depositary shares trading in New York under the symbol IBA, each representing twelve Series B shares.

The founding family always held a controlling stake, and trading volume in the U.S. shares was limited. In March 2022 family-controlled shareholders proposed a tender offer for the remaining public shares at 81.66 pesos each, a premium of about 20 percent. The offer ran in Mexico and the U.S. and was completed in November 2022, lifting the family's ownership above 97 percent.

In March 2023 Bachoco's board resolved to delist the ADSs from the NYSE, end the depositary program and deregister with the SEC, citing low U.S. trading and the cost of maintaining the listing. The company later also moved to leave the Mexican Stock Exchange. Bachoco continues to operate as a privately controlled company. The founding family keeps control of the business.