Italian food and dairy corporation Parmalat has acquired several companies from the cheese sector in Chile for roughly €100 million.
As a result of this transaction, conducted through the La Vaquita Holding subsidiary, the Parmalat Group has expanded its presence in Chile where it already operates through a licensing agreement.
The acquired companies include four production facilities and brands such as 'La Vaquita' and 'Kümey'. In 2016, the acquired companies generated about €95 million in net revenue.
The news comes after Parmalat reported a 1.1% growth in 2016 net revenue, to €6.48 billion, but saw profit tumble 45.6%, to €79.4 million.
Both the European and North America sales regions posted decreased sales, to €1.07 billion (-€7.9 million) and €2.48 billion (-€52 million), respectively, due to the decrease of the value of the Russian ruble and the Canadian dollar.
Sales in Latin America reached a net revenue of €1.38 billion (+1.6%).
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
