Parmalat has moved to buy the business assets of regional Italian dairy co-operative Consorzio Cooperativo Latterie Friulane.
The dairy giant, controlled by France’s Lactalis, is set to acquire the co-op’s production, sales and distribution operations, as well as brands including Latterie Friulane, Latte Carnia and San Giusto.
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The farmers behind the Latterie Friulane co-op will continue to supply the business with milk, Parmalat said.
In a statement, Parmalat said the deal was “executed by assuming a net invested capital for about EUR5.75m (US$6.85m) and a bank debt for the same amount”.
Latterie Fruilane generated revenues of EUR57m in 2013. Its sales for 2014 are estimated at EUR37m. A product recall last year is said to be a factor in the decline in revenues last year.
Parmalat said it would look to expand the business and “implement a plan designed to regain competitiveness”.
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By GlobalData
