Grupo Industrial Maseca, S.A. de C.V. is engaged in the production, distribution and sales of corn flour in Mexico, which is then used in the preparation of tortillas and other related products. The Company sells corn flour in Mexico under the brand name of MASECA. MASECA flour is a ready-mixed corn flour that becomes dough when water is added. This corn dough can then be pressed to an appropriate thickness, cut to shape and cooked to produce tortillas and similar food products. The Company produces over 40 varieties of corn flour for the manufacture of different food products. The Company sells corn flour to tortilla and tortilla chip manufacturers, as well as in the retail market. Its corn flour product is standard fine-textured, white flour used to manufacture tortillas. It also produces and sells tortillas through several small tortilla shops mainly located in central Mexico. The Company has 17 production facilities located throughout Mexico. The Company owns 17 corn flour mills, all of which are located throughout Mexico within corn growing regions and those of large tortilla consumption. One of the plants, Chalco, is temporarily closed. The Chalco plant has been inactive since October 1999. Grupo Industrial Maseca, S.A. de C.V. is a subsidiary of GRUMA, a Mexican holding company with operations in Mexico, the United States, Venezuela, Central America and United Kingdom. Its sister companies produce corn flour in other countries, as well as packaged tortillas, other tortilla-related products and wheat flour. During the year ended December 31, 2004, the Company's sales comprised 22% of GRUMA's total sales. The Company is also the parent of the wholly owned and majority-owned subsidiaries, all incorporated in Mexico and are engaged in the production of corn flour and related activities, including arranging for the purchase of corn and other raw materials. These subsidiaries include Molinos Azteca, S.A. de C.V., Harinera de Veracruz, S.A. de C.V., Molinos Azteca de Jalisco, S.A. de C.V., Molinos Azteca de Chalco, S.A. de C.V., Harinera de Maiz de Jalisco, S.A. de C.V., Harinera de Yucatan, S.A. de C.V., Harinera de Ma?z de Mexicali, S.A. de C.V., Molinos Azteca de Chiapas, S.A. de C.V., Molinos Azteca de Veracruz, S.A. de C.V., Compan?a Nacional Almacenadora, S.A. de C.V., Servicios Administrativos y Financieros Gimsa, S.A. de C.V., Industria Tortilladora Azteca, S.A. de C.V. and Arrendadora de Maquinaria de Chihuahua, S.A. de C.V. The Company competes with Grupo Minsa, S.A. de C.V.

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