ARGENTINA/US: Molinos Rio de la Plata takes majority stake in Lucini Italia
Molinos first invested in Lucini Italia in 2011
Argentina-based food group Molinos Río de la Plata has gained control of US sauces, soup and dressings producer Lucini Italia.
Through its US subsidiary, Molinos USA Corp., the company already owned 49% of the Miami-based company.
Molinos took the initial stake in Lucini Italia in 2011 and was given a contractual option to buy the remaining 51% before March 2019. The group has announced it is to take a majority position in the Lucini Italia, with the US firm's owners having an option to retain 15% of the social capital and voting rights. They have yet to announce their intentions.
Financial details were not disclosed. The final number will be determined after that is settled and "special accounting certifications are prepared", Molinos told the Buenos Aires Stock Exchange. The company refused today to comment any further when contacted by just-food.
Lucini Italia operates mainly in the Miami area and the US West Coast, where it sells virgin olive oil, dressings, sauces, vinegar, vinaigrettes and savory soups. It also sells some organic products, such as plum tomatoes, and dried pasta.
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