Bakery firm Aryzta has successfully concluded the disposal of its Brazil business to Grupo Bimbo SAB de CV.
The deal, which was concluded ahead of schedule, will enable the company to explore new lending facilities, pay deferred and current hybrid interest and improve the group's financial profile.
Chairman and interim CEO of Aryzta, Urs Jordi, added, "Our focus now is to deliver sequential quarterly positive organic growth supported by positive volume and pricing. We are working with our customers on inflation price recovery and also focusing on further operational efficiencies to offset the inflation trends."
In May of this year, Aryzta completed the divestiture of its North American business in the US and Canada to an affiliate of Lindsay Goldberg LLC.
In March, the group announced that it was selling its Switzerland sandwich business to Bell Food Group's Hilcona subsidiary.
Elsewhere, in January, it agreed on a deal with Lion Capital and Invest Group Zouari (IGZ) to sell its remaining 4.64% interest in frozen foods retailer Picard for approximately €24 million.
Recently, the bakery giant posted a full-year performance ahead of expectations following the implementation of a simplification and de-layering process to eliminate global cost structures and focus on multi-local structures and decision making.
Aryzta expects to achieve a sustainable net profit in its financial year 2022, with a mid-single-digit organic revenue growth driven by further recovery to pre-COVID levels, improved customer engagement and innovation.