Aryzta, the Switzerland-based manufacturer of bakery products, has announced the sale of its Brazil business to Mexican Grupo Bimbo, according to a report in Just Food.
This sale is described as being in line with Aryzta’s commitment to focus its business on European and Asina markets. The company had earlier this year sold its North American business to an affiliate of US private equity firm Lindsay Goldberg.
Urs Jordi, Aryzta chairman and interim chief executive, said: “Aryzta’s disposal programme since September has exceeded expectations in all regards and accelerates the group’s journey to financial stability”.
“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. Our focus will now centre on delivery of sustainable organic growth and achieving industry profitability and efficiency levels through our multi-local business strategy”, he added.
No financial details were disclosed and the transaction is expected to be completed by end of February 2022.
Source: Just Food