Vivartia, the Greece-based food maker, is to become a holding company for four separate divisions in a wide-ranging company revamp.

The group, which has operations in 29 countries in Europe, the US, Russia and the Middle East, announced the overhaul yesterday (26 March).

The move will see "four separate subsidiary companies" created - a dairy and drinks unit; a bakery and confectionery business; a foodservice and entertainment operation; and a frozen food division.

Vivartia said the move "addresses two major objectives" of its strategy.

"On the one hand, it enhances the management of activities by division due to increased volume of operations and significant international expansion," Vivartia said.

"On the other hand, it provides each new company with greater flexibility in formulating its strategy and pursuing strategic initiatives and co-operations."