Bongrain Form Partnership with Milkaut
The move results in the creation of Argentina’s third largest dairy group via the contribution of the whole range of dairy operations of its Argentinian subsidiary, Cabaña y Estancias Santa Rosa SA.
11/12/06 Bongrain SA has announced that it has concluded a partnership agreement with the Argentinian company Milkaut. The agreement, which has been approved by the competent authorities, results in the creation of Argentina’s third largest dairy group via the contribution of the whole range of dairy operations of its Argentinian subsidiary, Cabaña y Estancias Santa Rosa SA.
Milkaut, a subsidiary of the cooperative AUT (Association Union Tamberos) Group, is located at the heart of the country’s main producing region and is one of Argentina’s foremost dairy enterprises in its own right. As a result of this agreement, consolidated revenue for the current year will approach € 100 million.
Bongrain will hold 40% of the share capital of the new entity which will be placed under the effective management of AUT as the majority shareholder.
The development will enable Milkaut to derive benefit from the strongly complementary industrial and commercial profiles of the two prior entities and thus reinforce its strategic positioning in Argentina, one of the world’s major dairy farming areas.
