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February 2, 2015

Parmalat to buy Mexico cheese assets

Parmalat has struck a deal to buy a series of cheese assets in Mexico, the Lactalis-owned dairy group's latest move in Latin America.

By Beth Wright

Parmalat has struck a deal to buy a series of cheese assets in Mexico, the Lactalis-owned dairy processor’s latest move in Latin America.

The company said it had signed an agreement to acquire “a group of companies that operate mainly in Mexico” for EUR105m (US$119.1m). Parmalat did not name the companies.

The Italian group said the businesses have “leadership positions” in their categories. As part of the deal, Parmalat will own a range of brands including Esmeralda, El Ciervo, and Mariposa.

It will also take on four production facilities – one in Mexico, two in Uruguay and one in Argentina – plus a distribution network in Mexico with 20 distribution centres.

Parmalat said the acquired companies generated net revenues of US$197m in 2013.

It added the price it pays for the assets may change if the net financial debt is higher than U$48m when it finalises. The acquisition is subject to approval from local antitrust authorities.

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In September, Parmalat announced a significant acquisition in Brazil, with a deal to buy 11 dairy plants in Brazil from local food group BRF for EUR610m.

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