Aryzta AG: agrees sale of remaining Picard stake

Zurich / CH. (aag) On January 04 Swiss-Irish Aryzta AG A announced that it has reached agreement with Lion Capital and Invest Group Zouari (IGZ) to sell its remaining 4.64 percent interest in Picard for approximately EUR 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 percent and significantly strengthen its balance sheet with the planned disposal of its Americas businesses.»