Aryzta has agreed to divest its Brazil businesses to Grupo Bimbo in its latest move to simplify its operations.
Without disclosing any financial details, Aryzta said that it had signed binding documentation concerning the deal.
As part of the announcement, the bakery group reiterated its commitment to the Europe and Asia markets, following the sale of its North American business to an affiliate of Lindsay Goldberg earlier this year.
Aryzta also recently sold sandwich production assets in Switzerland to Bell Food Group subsidiary, Hilcona.
“The successful sale of the Brazil businesses is a further positive step in the delivery of our strategy to rebuild Aryzta’s leadership in bakery in Europe and Asia,” said Aryzta chairman Urs Jordi, who has also been serving as the company’s interim CEO since the end of last year.
“Aryzta’s disposal programme since September has exceeded expectations in all regards and accelerates the group’s journey to financial stability.
“Our focus will now centre on delivery of sustainable organic growth and achieving industry profitability and efficiency levels through our multi-local business strategy.”
The transaction is expected to be completed by the end of the second quarter of Aryzta’s financial year 2022, and is subject to customary closing conditions.
The company has also announced that it has agreed a new €500 million revolving credit facility with three banks.
© FoodBev Media Ltd 2022
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