Swiss group to increase global presence

Related tags United states North america

Swiss food group Aryzta have announced the full purchase of Canadian bakery firm Maidstone Bakeries.

Maidstone had been previously been a 50-50 partnership between Aryzta and Tim Hortons Inc, and will continue to supply the Tim Hortons network until at least 2016.

The deal, worth US $454 million, is Aryzta’s third North American buy-out since early June, when it paid a combined $1.08 billion for Fresh Start Bakeries and Great Kitchens.

The Swiss company also confirmed its U.S. subsidiary was completing investments worth $48 million for bakeries in Taiwan, Singapore and Malaysia - and was building a new bakery in Brazil.

"These investments significantly enhance our bakery capability in North America, as well as in Latin America and Asia,"​ said Owen Killian, Aryzta's Chief Executive.

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