AUS: Parmalat buys Australian dairy Harvey Fresh
Parmalat has acquired Aussie dairy firm Harvey Fresh
Italian dairy group Parmalat has moved to increase its presence in Australia with the acquisition of local dairy and beverage firm Harvey Fresh for EUR79m deal (US$108m).
Parmalat, which is majority owned by French dairy giant Lactalis, said the acquisition "improves the group's export capabilities to the Asiatic markets".
There was speculation late last year that Parmalat was in talks to buy Harvey Fresh.
The Australian firm operates in the state of Western Australia, where Parmalat has a marginal presence, and produces fresh and UHT milk dairy products, in addition to a significant business in the fruit beverage market. In that area of the country, Harvey Fresh is the second-largest producer in the dairy sector. This company owns two production facilities with approximately 250 employees.
Last financial year, the company reported revenues of about EUR113m.
Parmalat S.p.A. announces that its subsidiary Parmalat Australia Pty Ltd acquired today the company Harvey Food and Beverage Ltd (“Harvey Fresh”).
With this transaction, the Parmalat Group strengthens its position in the Australian market, broadening its geographic footprint in that country and becomes a fully national player. This acquisition improves the Group’s export capability to the Asiatic markets.
Harvey Fresh operates in the state of Western Australia, where Parmalat has a marginal presence, and is specialized in the production of fresh and UHT milk dairy products, in addition to a significant business in the fruit beverage market. In that area of the country, Harvey Fresh is the second largest producer in the dairy sector. This company owns two production facilities (Harvey and Griffith) with approximately 250 employees.
Last financial year, the company reported revenues of about 113 million euros.
The stipulated enterprise value of the acquired business was about 79 million euros and the acquisition was entirely financed by the Group with internal capital resources.
Original source: Parmalat
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