Italian dairy giant Parmalat has set out plans to expand its baby-food business, the company confirmed today (1 March).
CEO Enrico Bondi has identified baby food as a possible way for Parmalat to grow after a year in which milk price hikes boosted profits.
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Parmalat has a fledgling baby-food business that sells baby milk in certain markets but the company is looking for growth either through new products or acquisitions, a spokesperson told just-food.
However, the spokesperson did not disclose when Parmalat could make an acquisition in the sector.
Last week, Parmalat issued its 2009 numbers. The company’s EBITDA rose 16.2% to EUR367.8m (US$495.9m) in 2009 as price increases, combined with savings on raw milk costs, improved earnings.
However, in 2009, the company benefited from fewer legal settlements linked to its 2003 accounting scandal, which eroded its bottom line. Net profit fell 22.9% in 2009 to EUR519m.
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