Portuguese agri-food group Cerealis has changed its ownership structure, with the running of the company transferring from the Amorim and Lage families to the Moreira da Silva and Silva Domingues families.
This is the first time the company has changed its ownership structure since it was founded in 1919.
Cerealis produces pasta, breakfast cereals, industrial and culinary flours and biscuits, and its products are sold both in Portugal and abroad.
The company owns the well-known brands Milaneza (pasta), Nacional (biscuits), Harmonia and Concordia (bread baking and pastries), and boasts production facilities in Maia, Porto, Trofa, Coimbra and Lisbon.
The group also has a 33.3% stake in Europasta, a pasta company based in the Czech Republic.
Transfer Of Ownership
The transfer of ownership, the value of which has not yet been revealed, is still subject to clearance by Portugal’s Competition Authority (AdC).
According to daily newspaper Público, Moreira da Silva said that the deal was in line with "the value of the company" and spoke about "the possibility of further growth in the international market”.
The same source said that other foreign investors were in the running for Cerealis, including businesses located in Spain and the UK.
Despite the change in structure, the current chief executive of Cerealis, Rui Amorim, will remain in his position.
Based in Maia, Cerealis, which in recent years has boosted its production capacity, has an annual turnover of over €200 million.