Italian dairy company Granarolo has acquired complete control of hard cheese processing and packaging company Mulino Formaggi.
Granarolo increased its shareholding from 40% to 100% by purchasing a majority stake in the Parma-based company from Mulino Alimentare.
Mulino Formaggi was set up in Parma in 2018 following the merger of two local companies, Mulino Alimentare and Gennari Italia, specialising in the packaging and marketing of hard Italian cheese.
Short Supply Chain
Muino Formaggi's business model is based on a short supply chain, comprising three players: the dairy, the company that adds service to the product and the retail distribution chain.
Around 78% of the company's products are sold in Spain, South Korea, South Africa, UAE, Costa Rica, Mexico, USA, and Germany, with Ireland, France and Canada being its major export markets.
Last year, it emerged on top of the market in Canada for the sales of packaged Parmigiano Reggiano and Italian PDO hard cheese, and in France, for the sales of grated Parmigiano.
According to Granarolo, the Parma plant is of strategic importance for the further commercial development of its hard cheese business unit, particularly for Parmigiano Reggiano DOP and the Quattrocento product line, a hard Italian cheese made with milk from the Granarolo supply chain.
The plant has significant production capacity and offers the best packaging technologies to satisfy the most demanding and distant markets and the diverse range of consumption modes.
According to Granarolo chairman Gianpiero Calzolari, the takeover of Mulino Formaggi will enable the company to improve sustainability, production efficiency, plant specialisation, and expand exports of products in demand.
Granarolo reported 19% growth in net profit in 2020, to €15.8 million, while consolidated revenue dropped 3% year-on-year to €1.28 billion, due to reduced sales in the HoReCa and foodservice channels in Italy and other markets.