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”.
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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.
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