Italian pasta group Colussi has purchased Riso Eurico Italia from Montedison‘s Cereol company, signifying Montedison’s first major food divestment since its parent Fiat conglomerate announced a strategy stressing energy at the expense of food business.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Colussi, through its Pasta Agnesi, paid €15.5m (US$13.97m) for its enlargement in the rice sector. It now controls 12% of the market and aims to overtake Scotti (14%), the undisputed market leader remains Gallo (23%), however. The Italian rice sector in worth €0.46bn a year.
Cereol annually produces 60,000 tons of ‘white’ rice, while Colussi (annual sales €335m) considers pasta and rice its core business. It aims at a business volume of €500m by 2005.
Montedison’s divestment of Cereol has sparked speculation further sales of its food businesses could be imminent; vegetable oil could likely be next. Italian media have highlighted however that divestment in the rice field could mean an increased focus on vegetable oils.
By Hilmi Toros, just-food.com correspondent
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
