Numico shareholders approve Mellin acquisition
The acquisition of the Italian baby food company is expected to be completed in the second quarter of 2005.
21/03/05 Dutch nutrition and baby food giant Royal Numico N.V. shareholders have approved the acquisition of Mellin S.p.A. The acquisition is expected to be completed in the second quarter of 2005. Last month Royal Numico N.V. said that it had signed an agreement to acquire the leading Italian Baby Food company, from Findim Group SA, for a total consideration of EUR 400 million.
Mellin holds a 21% share of the Italian Baby Food market, with particularly strong positions in the weaning food categories and the fast growing grocery channel. Mellin has significantly outperformed the growth of the Italian Baby Food market in recent years, growing at a rate of 10%.
Numico said that the acquisition of Mellin represents an important step forward for Numico's Baby Food strategy in Western Europe. Mellin complements and significantly strengthens Numico's existing operations in terms of product range, channel presence and market position. The resulting competitive number 2 position in the Italian Baby Food Market provides Numico with the necessary platform and scale to drive growth in this “underdeveloped and fragmented market.”
