Aryzta targets growth in US

Irish Swiss baking giant Aryzta is expanding further into the North American market with the acquisition of two bakeries that will move the group away from relying on frozen goods.

In their half-year results to the end of January 2014 the company said it agreed to acquire 100% of Pineridge Bakery in Canada and Cloverhill Bakery in the US for €730m.

The company said: “Once complete, these acquisitions will significantly enlarge Aryzta’s bakery capabilities, customer access and product portfolio in north America and should provide double digit earnings per share accretion in fiscal 2015.”