Parmalat has sold its Newlat SpA subsidiary for a symbolic EUR1 (US$1.59), enabling the group to offload debts of EUR36m. 

“We have divested from this business to comply with an order from the antitrust authority dating from 1999. This was required as a condition for clearing the Eurolat acquisition,” a spokesperson for the company told just-food. “We have waited until now because an earlier sale would have resulted in a loss for us.”

Newlat, which operates the Matese and Torre in Pietra dairy brands, has been taken on by Lugano, Switzerland-based TMT Finance SA, Parmalat said.

“The sale will not have any impact on Parmalat [results],” the company added.

TMT is active in agricultural, food, shipping and retail sectors and in 2007 had sales of EUR200m.