Bakery company Aryzta has received an offer to sell the majority of its interest in French frozen food firm Picard.
Invest Group Zouari (IGZ) will acquire the 43% stake for €156 million. The announcement means Aryzta retains a 4.5% interest in Picard, which it says is “to be monetised at a later stage”.
According to the Aryzta board, the terms of the transaction are fair and reasonable and in the best interest of the group.
“The binding offer from IGZ for our interest in Picard represents the earliest practicable opportunity to realise the maximum deliverable value for Aryzta,” said Aryzta CEO Kevin Toland.
“On completion of this transaction, Aryzta will realise some 85% of its asset disposal objective. The steps we have taken in 2019 have established clear foundations on our path towards stability, performance and growth.”
The transaction is expected to close in the last quarter of 2019.
Last year, Aryzta announced plans to raise €800 million in capital in order to reduce debts. The firm is aiming to deliver annual cost savings of approximately €90 million by 2021.
Source: FoodBev
Danone has appointed Carla Hilhorst to the newly created position of senior vice president of research and innovation categories and zones, as the company looks to make science the heart of its business. Hilhorst, who brings over 30 years of experience in research and innovation, will report directly to Isabelle Esser, Danone’s chief research, innovation, quality and food safety officer.
The move, part of Pernod Ricard’s strategy to enhance its premiumisation efforts, will allow the company to focus more resources on its portfolio of premium international spirits and champagne brands that drive the growth of its business. This decision aligns with the company’s commitment to delivering sustainable value for shareholders, employees, clients and partners.
Schai – who is the current CEO of Swiss chocolate company Lindt & Sprüngli’s Australian operation – has previously worked with Aryzta from 2015-2018, where he served in roles including managing director for Asia Pacific and global strategic business lead (McDonald’s). The fast-food giant McDonald’s is one of Aryzta’s significant clients.
