Mutti Acquires Italian Tomato Cooperative
Italian tomato processing company Mutti has announced that it is acquiring Consorzio Padano Ortofrutticolo (Co.Pad.Or.) for €25 million, reports Ansa.
In April of this year, Mutti won the auction for the lease of Co.Pad.Or., ensuring the continuity of production, which reached 2.10 million quintals, with the commitment to take over the cooperative at the end of its 2017 tomato campaign.
It is reported that this acquisition has now been finalised.
Mutti is one of the leading tomato processors in Italy, with a market share of 28%, and the company is targeting €300 million in turnover this year.
The Parma-based company is present in 83 countries, with the main markets being France, the Nordic countries, Belgium and Germany. Exports account for 33% of the group's total turnover, and are growing yearly in double digits.
Co.Pad.Or is a consortium of farmers from the Parma and Piacenza provinces, and cultivates around 4,000 hectares of tomato annually.
© 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