FDBusiness.com

ARYZTA, a global food business with a leadership position in speciality bakery, has announced that it has reached agreement with Lion Capital and Invest Group Zouari (IGZ) to sell its remaining 4.64% interest in Picard, the French frozen food company, for €24 million. 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 is 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.”