ARYZTA AG, Switzerland, announced plans to sell the majority of its interest in Picard to Invest Group Zouari (IGZ).
“The binding offer from IGZ for our interest in Picard represents the earliest practicable opportunity to realize the maximum deliverable value for ARYZTA. On completion of this transaction, ARYZTA will realize some 85% of its asset disposal objective. The steps we have taken in 2019 have established clear foundations on our path toward stability, performance and growth,” says Kevin Toland, chief executive officer of ARYZTA.
Picard is a French frozen foods processor.