Swiss food group Aryzta announced today that it has bought two US bakery companies in separate deals worth a combined $1.08bn as a trading statement for the the nine months to the end of April show its sales in the period were down almost nine per cent.
The group said the acquisition of Fresh Start Bakeries for $900m and Great Kitchens for $180m will double its manufactured volumes and provide greater access to a broader customer base within the expanding food service and retail segments.
“Moreover, they result in the Group maintaining a more balanced exposure to the core markets of North America and Europe, while extending its geographical footprint in the rapidly expand­ing Rest of World segment,” said the group.
The deal is expected to boost earnings per share by around 20 per cent over 12 months.
Aryzta also said that the acquisitions coupled with a potential benefit from exchange rates means it now expects underlying earnings per share in 2010 to surpass those in 2009.