Aryzta buys two food firms for $1bn

Swiss-Irish food company Aryzta has paid a billion dollars to acquire a frozen pizza company and a bakery group that specialises in making hot dog and hamburger buns.

Aryzta, formed from the merger of Dublin-based IAWS and Swiss group Hiestand, has announced the purchase of Great Kitchens and Fresh Start Bakeries to the stock exchange this morning.

Aryzta also announced a 9% drop in its revenues for the past nine months to €2.2bn.