Swiss-Irish baked goods manufacturer, Aryzta, is to sell its Brazilian business for an undisclosed fee.

Grupo Bimbo SAB de CV is to acquire the unit.

"The successful sale of the Brazil businesses is a further positive step in the delivery of our strategy to rebuild Aryzta's leadership in bakery in Europe and Asia," said Aryzta chairman and CEO, Urs Jordi.

"Aryzta’s disposal program since September has exceeded expectations in all regards and accelerates the Group’s journey to financial stability."

"Our focus will now centre on delivery of sustainable organic growth and achieving industry profitability and efficiency levels through our multi-local business strategy."

Aryzta said the transaction should complete by the end of the second quarter of its 2022 financial year.

The company, which owns the Cuisine de France brand, has also entered into an underwritten agreement with three banks for a new €500m revolving credit facility.

This will replace the firm’s current €800m facility maturing in September of next year.

Aryzta said it is expected that the facility, underwritten by Credit Suisse, Rabobank and UBS, will be utilised by early October of this year.

In May, the company said it had completed the sale of its North American operations in the US and Canada to an affiliate of Lindsay Goldberg ahead of schedule.

The $850m sale was due to complete in July.

Aryzta's North and Latin American operations were put on the market last year as the company sought to cut debt levels and reduce the size of the overall operation.

That decision came after a battle between the company and shareholders, that ended with a boardroom and management overhaul.