Bongrain signs Agreement for Lactos Sale

20/03/06 BONGRAIN SA has announced the signature of an agreement for the sale of its Australian subsidiary LACTOS to the Australian company NATIONAL FOODS Ltd, which is a subsidiary of the agro-food group SAN MIGUEL Corporation.

The agreement follows an offer from NATIONAL FOODS Ltd and will provide LACTOS with the opportunity of contributing to the development of a new leader in Australian dairy products.

The business sold involves less than 2% of group consolidated net sales and includes the facilities engaged in production, cutting and wrapping of cheese, situated respectively in Tasmania and in Melbourne, as well as the Australian Gold, Mersey Valley and Tasmanian Heritage brands.

The transaction, which will become final upon the approval of the Australian authorities, will enable BONGRAIN SA to concentrate on and to amplify its own development within potentially high growth markets.