Irish-Swiss bakery firm Aryzta has said it has reached agreement with Lion Capital and Invest Group Zouari to sell its remaining 4.64% interest in French frozen foods group Picard for €24m.

The group behind the Cuisine de France brand said it expects the transaction to close early in the first quarter of 2021.

Urs Jordi, Chairman and interim CEO of Aryzta welcomed the agreement.

He said that the board and management of Aryzta is now fully focused on delivering its two-part plan to improve the business performance, reduce costs by 25% and significantly strengthen its balance sheet with the planned disposal of its Americas businesses.