Italy’s Granarolo has sold its Pandea baked goods business to local breadmaker Morato Pane for an undisclosed sum.
Bologna-based Granarolo said the move will allow it to focus on its core dairy business and is a step towards restoring profitability through a simplified operating model.
Go deeper with GlobalData
Pandea, headquartered in Parma, was acquired by Granarolo in 2016 in a bankruptcy auction called by the Court of Verona. It recorded a turnover of EUR12m (US$14.1m) in 2019, of which EUR10m came from exports, with the UK and France key markets.
Gianpiero Calzolari, chairman of the Granarolo Group, said: “The operation is part of the new industrial plan aimed at concentrating efforts on the core dairy market in Italy and abroad.
“We want to recover profitability through a simplification of the business model and a focus on the milk and derivatives market, which will also include acquisitions.”
See Also:
Stefano Maza, CEO of the Morato Group, said: “This important acquisition represents for our company a further opening to the development of international business, which already today represents over 30% of turnover.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataHe said the deal will allow the company to capitalise on Pandea’s knowledge in the gluten-free market.
