Aryzta Invests €33M In Fifth Bread-Making Facility In Brazil

By Donna Ahern
Aryzta Invests €33M In Fifth Bread-Making Facility In Brazil

Aryzta is planning to invest 150 million Brazilian real (€33.8 million) to build a fifth bread-making facility in Brazil, report the Irish Times.

The Swiss-Irish baker who owns Cuisine De France announced earlier this week that it is looking to raise up to €800 million of equity capital to help it pay its debts after a rough 2018.

The group has debts amounting to €1.6 billion after the company has seen its share price plummet since the start of the year, clearing almost €200 million off its value.

“A significantly improved capital structure will provide Aryzta with the means to continue to take the necessary steps to re-position the business and deliver on our strategy,” said CEO, Kevin Toland in a recent statement.

“Over the medium-term, we expect to generate significant cash flow which will be applied towards continued net debt reduction and to resource selective growth opportunities.”

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Aryzta has reportedly invested 240 million Brazilian real in the country since 2014.

According to the Irish Times, its local customers include food-service companies Burger King, Subway and Starbucks, while in the retail sector it supplies supermarket chains Prezunic and Walmart.

© 2018 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click subscribe to sign up for the Checkout print edition. 

 

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