Turco Family Eyes Majority Stake In Italy’s Melegatti
The Turco family is reportedly considering taking control of Italian confectionery company Melegatti, of which it is a minority shareholder, according to Ansa.
Siblings Michele and Francesco Turco have said that they are interested in taking the company out of crisis and relaunching production of the brand.
The company was founded 123 years ago by Domenico Melegatti, and ended 2016 with a turnover of €70 million.
However it reportedly has debts amounting to €40 million, according to La Repubblica.
The Verona-based company produces pastries and croissants at two factories in San Giovanni Lupatoto and San Martino Buon Albergo. The latter was inaugurated last February following an investment of over €10 million.
Minority shareholders have reportedly criticised the opening of the second facility, claiming that the company did not have the necessary finances.
© 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