TRALEE, IRELAND — The Kerry Group P.L.C., based in Ireland, is in advanced negotiations to sell its Pinnacle bakery business in Australia.

“We’re just updating you today on the potential disposal of our Pinnacle lifestyle bakery in Australia, which we’re in advanced negotiations on,” said Brian Mehigan, chief financial officer, in a Feb. 24 earnings call. “It’s not complete at this point, but fair to say with annual revenues of €160 million ($179.5 million) that it’ll be a significant transaction.”

The Kerry Group on Feb. 24 released a preliminary statement for the year ended Dec. 31, 2014. The company said developed markets in the Asia-Pacific region, particularly Australia and New Zealand, were impacted by intense competition due to retail pressures and industry profitability issues.

Kerry for the fiscal year reported revenue of €5,756.6 million ($6,457.6 million), down 1.4% from €5,836.7 million in fiscal 2013, and adjusted earnings after taxation of €490.3 million ($550) million, up 8.2% from €453.2 million.