Parmalat has signed a deal to buy Australian dairy firm Longwarry Food Park.
The agreement, announced today (19 December) gives Longwarry an enterprise value of around EUR45m (US$55.2m), Parmalat said.
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The Lactalis-controlled Italian group, which earlier this year snapped up Australian dairy and juice maker Harvey Fresh, said Longwarry would boost its presence within the market and help it expand overseas.
“With this transaction, the Parmalat group further strengthens its position in the Australia market, broadening its manufacturing base in that country, enters the milk powder market and supports its overall milk supply base. This acquisition improves Parmalat Australia’s export capability,” Parmalat said.
Longwarry, which is based in Victoria, supplies milk powder and cream cheese, as well as fresh and UHT milk products.
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