ZURICH, SWITZERLAND — Aryzta AG has acquired Klemme AG, a German-based baking company that operates seven bakeries with multi-product manufacturing capabilities, for €280 million ($374 million). Klemme offers more than 2,500 bakery items, including an assortment of bread rolls and ciabattas, croissants, sweet and savory pastries, donuts and pretzels.

Aryzta said the acquisition is consistent with its strategy of adding new geographies, customers, channels and product capability, and positions the company to become a leading player in the growing German in-store bakery sector and a leading partner manufacturer for well-established European retailers in the specialty bakery sector.

“Klemme is a very well invested bakery asset with an enviable reputation for innovation and production excellence,” said Owen Killian, chief executive officer for Aryzta. “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. The timing is important in the context of the ATI (Aryzta Transformation Initiative) program and rollout of SAP in Europe.”

Klemme had revenue of €229 million in the year ended Dec. 31, 2012. According to Aryzta, Klemme’s margins are comparable to the existing Aryzta Food Group’s margins and the acquisition is expected to provide earnings accretion of about 15c in a full year.

The transaction is subject to clearance from the German Federal Cartel Office.