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.”
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.