Italy's Agriform, Parmareggio Merge To Create New PDO Cheese Company
Agriform and Parmareggio have merged to create one of the largest Italian PDO cheese companies in the world.
The move follows an agreement between the partners of the Modena-based Parmareggio, a market leader in Parmigiano Reggiano cheese, and Agriform, from Sommacampagna, near Verona.
Agriform produces leading regional PDO cheese brands like Grana Padano, Asiago, and Piave.
The two are leading companies in the hard cheese segment of Grana Padano PDO and Parmigiano Reggiano PDO, respectively.
The Agrifood and Parmareggio production chains comprise over 2,000 breeders and about 20 dairies.
The 2021-2024 business plan foresees significant growth in turnover, with a corresponding improvement in margins.
'Qualified' Minority Stake
Agriform holds a 'qualified' minority stake in the new company, protected by a series of shareholders' agreements that will allow it substantial balance in governance and control of all operations.
With 40% of the shares, Lattebusche is the main shareholder of Agriform. Other shareholders include Latterie Vicentine (25%), Caseificio Santa Vittoria (13%), Latte Montagna Alto Adige (4.2%).
Parmareggio, owned by Bonterre Group, is one of Italy's leading manufacturers and sellers of dairy products and cured meats.
As well as Parmareggio, Bonterre also owns Grandi Salumifici Italiani, a leading producer of artisan cured meats in Italy.
In 2019, Parmareggio's total turnover reached €408.6 million (+11.9% compared to 2018), of which €82 million were from exports.
Sales of branded products generated €185 million (45% of the total), of which 36.7% came from overseas sales.
According to a recent Ismea-Qualivita report, the Italian cheese sector has a production value of €4.5 billion and a consumption value of €7.5 billion.
© 2020 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.