FOOD firm Arzyta has announced a deal to buy German bakery firm Klemme for €280.
The acquisition is designed to “substantially transform” Arzyta’s European manufacturing base – Klemme had revenues of €229m in 2012.
The deal, of which €10m is deferred, will be funded from existing resources.
“Klemme is a very well invested bakery asset with an enviable reputation for innovation and production excellence,'' said Aryzta's chief executive Owen Killian.
The German firm employs 1,400 people and its range includes bread rolls and ciabattas, croissants as well as sweet and savoury pastries.
''This acquisition will transform Aryzta’s capability in Europe and enhance our strategic positioning with greater access and relevance to large retail and food service customers,'' he added.
Aryzta was formed through the merger of IAWS and Hiestand Holdings in 2008.