USA: Former CEO of Barilla to run Spigadoro Food Business
Mr. Carelli assumes full operational responsibilities for Gazzola from Dino Gazzola, and will also oversee all of Spigadoro's food businesses, including its Petrini branded pasta (Spigadoro) and mill operations, as well as Gazzola.
Mr. Carelli has worked for over 35 years in the food and consumer products sectors, having served as a brand manager at Proctor & Gamble early in his career before eventually joining Barilla, the world's leading pasta brand. Mr. Carelli spent 23 years at Barilla, successfully working his way up through the ranks before being appointed as Chief Executive Officer in 1990. Mr. Carelli served as CEO of Barilla until 1996, when he left to form Carelli Carugo de Marchi, a management consulting company focused on the food industry.
Mr. Carelli has been serving as a consultant to Spigadoro, but the parties agreed to expand Mr. Carelli's involvement with the Company. Jacob Agam, Chief Executive Officer of Spigadoro, said "There are very few people in the world who can rival Riccardo Carelli's knowledge of the pasta and Mediterranean food businesses. After having worked with Riccardo over the past few months, we feel fortunate that he has agreed to expand his role and we are confident that he will be a tremendous asset to our business."
Riccardo Carelli stated, "I find the Spigadoro business strategy very compelling, and I am excited to contribute to the ongoing growth of the Spigadoro business. I look forward to working together with the Spigadoro team to further strengthen our position in the Mediterranean food sector."
Spigadoro is a leading manufacturer of branded and private label products in the Mediterranean food sector. Its pasta and other Mediterranean products are internationally recognized as high quality products and are marketed under the brand name "Spigadoro" ("Golden Ear of Wheat") in Italy, Europe, the U.S. and the Far East. The Company's animal feed products are manufactured at seven plants throughout Italy and are marketed under the "Petrini" name. The Company's Pastificio Gazzola subsidiary also establishes it as a European leader in private label pasta. The Company has previously announced an aggressive growth strategy that includes a consolidation of small and mid-cap companies within the food and animal feed industries in Europe (and in particular Italy, Germany, France and Spain).
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are subject to risks and uncertainties. Such statements, including those regarding among other things, our strategy, future prospects and results of operations, are dependent on any number of known and unknown factors, many of which are outside of our control. Actual results could differ materially from those currently anticipated or expressed or implied by any forward-looking statement due to a number of factors, including those set forth in our Securities and Exchange Commission filings under "Risk Factors." These factors include the following: we have changed our principal business and we may not be successful operating a new business; Vertical Financial Holdings and affiliated entities control Spigadoro; our substantial debt may adversely affect our ability to obtain additional funds and increase our vulnerability to economic or business downturns; our operating results will be adversely affected by charges from acquisitions; our strategy of acquiring other companies for growth may not succeed and may adversely affect our financial condition, results of operations and cash flows; intense competition in the pasta and animal feed industries may adversely affect operating results; our business may be adversely affected by risks associated with foreign operations; and other risks. In addition, our acquisition negotiations are in various stages and, except as previously announced, we have no agreement or arrangements relating to any acquisitions. We are unable to predict whether or when any of these negotiations will result in any definitive agreements. Readers are cautioned not to place undue reliance upon any forward-looking statements contained in this press release, which speak only as of the date the statements are made. Spigadoro undertakes no obligation to update any forward-looking statement contained in this press release.
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