Italian dairy and food corporation Parmalat has signed an agreement with Fonterra Brands to acquire its Australian yoghurt and dairy dessert business.
The deal, conducted via subsidiary Parmalat Australia, includes two production facilities - Tamar Valley (Tasmania) and Echuca (Victoria) - with approximately 250 employees.
During the last financial year, Fonterra’s yoghurt and dairy dessert business reported pro-forma revenues of approximately €95 million. The enterprise value of the acquired business is approximately €10 million.
The acquisition is subject to the fulfillment of some conditions and is expected to be completed in the first half of 2016.
Parmalat is the Australian market leader in the pasteurized milk and dessert segments, and has a competitive position in the flavored milk and yogurt categories.
In the first nine months of 2015, Parmalat’s net revenue in Australia amounted to €734.7 million and EBITDA totaled €33.4 million.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. To subscribe to ESM: The European Supermarket Magazine, click here.
