Bakers IAWS, Hiestand in 2.5bn euro merger Bakers IAWS, Hiestand in 2.5bn euro merger 09-Jun-2008 By Lindsey Partos Irish baker IAWS is set to merge with Hiestand of Switzerland to create Aryzta, a €2.5bn firm that will spear the €30bn global value-added bakery market.