Swiss-Irish food company Aryzta has announced that it has reached an agreement with Lion Capital and Invest Group Zouari (IGZ) to sell its remaining 4.64% interest in French frozen food group Picard for almost €24 million.
The Cuisine de France owner said that the transaction is expected to close early in the first quarter of 2021.
Urs Jordi, chairman and interim CEO of Aryzta welcomed the conclusion of the Picard disposal and said that “the board and management of Aryzta are now fully focused on delivering its two-part plan to improve the business performance, reduce costs by 25% and significantly strengthen its balance sheet with the planned disposal of its Americas businesses.”
© 2021 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.