Emmi sells its stake in Venchiaredo S.p.A. to concentrate on desserts & exports
31 Jul 2017 --- Emmi is selling its 24 percent stake in Italian fresh cheese specialist Venchiaredo S.p.A., which is based in Ramuscello and generates sales of approximately €20 million (US$23.4 million). In doing so, Emmi is focusing its activities in Italy on the dessert business, cheese exports from Switzerland and its 25 percent stake in cheese trader Ambrosi S.p.A.
Emmi has been a minority stakeholder in cooperative Venchiaredo S.p.A. which is based in Ramuscello, Italy, since January 2010. At the same time, Emmi Italy took over sales of Venchiaredo products. In 2012, Emmi increased its stake in the company from 10 percent to 24 percent.
“We increased our stake from 10 percent to 24 percent because the respective share package was available and because at that time we still aimed at having synergies with the Trentinalatte business, which we sold later,” Esther Gerster at Emmi told FoodIngredientsFirst.
“Trends are continuously influencing the dairy business. A considerable part of the dairy products are impulsive buys, so innovations need to respond to consumer needs,” she explains.
The aim of this holding was to participate in Italy’s growing fresh cheese market and generate synergies associated with fresh products from Trentinalatte. Due to the sale of Italian company Trentinalatte in autumn 2014, Emmi has now decided to also dispose of its stake in Venchiaredo and to give up the sale of Venchiaredo products. Granarolo S.p.A., based in Bologna (Italy), will take over the sale of Venchiaredo products. Emmi’s strategy continues to be an investment in markets and segments with considerable growth potential.
Venchiaredo produces mozzarella, stracchino, mascarpone, ricotta and butter, and generates around two-thirds of its sales in Italy. The company posted sales of approximately €20 million (US$23.4 million) in 2016.
The transaction has no significant impact on EBIT or net profit.
by Elizabeth Green
