Parmalat Expands in South America
Italian dairy group Parmalat is expanding its interests in South America with the acquisition of a group of companies that operate mainly in Mexico and are specialized in the production and distribution of cheese, with leadership positions in the categories in which they operate.
The $105 million (Eur93 million) deal will also see Parmalat Group acquiring a portfolio of brands, the most important of which include Esmeralda, El Ciervo, Mariposa and La Campesina Holandesa.
The operations being acquired employ about 4,000 people and include four production facilities – one in Mexico, two in Uruguay and one in Argentina. In addition, they operate with a network that covers all of Mexico through 20 distribution centers.
In 2013, the acquired businesses reported net revenues of about $197 million (Eur174 million). The acquisition will be submitted to the relevant antitrust authorities.
Listed on the Italian Stock Exchange, Parmalat has been controlled by the Lactalis Group of France since 2011. Parmalat generated revenues of about Eur5.4 billion in 2013.
