Bakery Firm Aryzta Offloads North American Business
Bakery firm Aryzta has announced the completion of the disposal of its North American business in the US and Canada to an affiliate of Lindsay Goldberg LLC.
The company's chairman and interim chief executive, Urs Jordi, welcomed the 'early and successful conclusion of the transaction', adding that its completion enables the company's management to 'fully focus on following through on the delivery of improved business operational performance and returning to organic growth', Aryzta said in a statement.
The sale of the North American business is just one of a series of transactions undertaken by Aryzta in recent months, as it seeks to streamline its estate.
In March, the group announced that it was selling its Switzerland sandwich business to Bell Food Group's Hilcona subsidiary, in a deal that is due to be completed on 1 August.
Elsewhere, in January, it agreed 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.
Earlier this year, Aryzta reported a 21.0% decline in group revenue in the first half of its financial year, of €752.5 million, down from €952.2 million in the corresponding period the previous year.
It added that the time that it plans to reduce its central operating costs by around 25% this year, resulting in a 'substantially' lower cost base in the future.
Aryzta is due to issue a third-quarter trading update on 1 June.