Aryzta to lose €500m in sale of its assets
Troubled Cuisine de France owner Aryzta will realise losses of around €500m on the sales of assets in the coming months.
In a profit warning last week, flagging a 20% fall in its earnings expectations, the food group said the sale of non-core assets was advanced and would generate more than €450m by July.
The assets had been acquired for around €1bn.
Aryzta, which is led by chief executive Kevin Toland, confirmed that the disposal figure related to La Rousse, a 49% holding in French company Picard and its US plant Cloverhill, which has been beset with problems, including an immigration crackdown in which a third of its workforce left the business.
Aryzta bought a stake in frozen-food business Picard for almost €450m in 2015.