Pasta maker Barilla has concluded a deal to sell bakery chain Lieken AG, its only remaining German business unit, to Czech group Agrofert.
Duesseldorf-based Lieken is a market leader in making bread and baked goods under the Golden Toast brand. It has a total of 4,700 employees and generated net sales of 7560 million euros in 2011.
The world's largest pasta manufacturer purchased Lieken in 2002 in line with its acquisition of another bakery chain named Kampa, which it sold in August 2012 to private equity company ECM.
Barilla has been aiming to sell Lieken in a move for a greater focus on pasta and food products in higher margin.
Under the agreement, Barilla will continue centering its attention on the growth of its core business. However, it did not provide specific details of the deal, which is set to be review by the European Union.
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