Parmalat Group Expands in Australia
Italian dairy group Parmalat is acquiring Fonterra’s yoghurt and dairy dessert business in Australia, including two production facilities (Tamar Valley in Tasmania and Echuca in Victoria) with approximately 250 employees. Fonterra’s yoghurt and dairy dessert business reported pro forma revenues of Eur95 million in its last financial year. The enterprise value of the acquired business is approximately Eur10 million.
The acquisition, which is subject certain conditions precedent, including agreements with Nestlé in connection with the utilization of some brands in Australia, is expected to be completed in the first half of 2016.
Listed on the Italian Stock Exchange, Parmalat has been controlled by the Lactalis Group since July, 2011. The Parmalat generated revenues of Eur5.6 billion in 2014.
