Food group IAWS, owner of the Cuisine de France bakery range, is extending its footprint into Europe and the Far East, having bought a 22% stake in Swiss gourmet bakery group Hiestand for €26m.
Hiestand manufactures and distributes frozen bakery goods to the retail and foodservice markets, with a manufacturing and distribution pressnce in Germany, Poland and the Far East.
IAWS says there are opportunities for both companies in each other's respective markets, and the potential to share technology and new ideas.
IAWS managing director Philip Lynch said, 'This investment is consistent with our strategic direction to make investments in the high growth convenience food market. We will now have a presence in developing markets where we have had no presence up to now.'
