Parmalat Acquires Harvey Fresh, Specialized in The Dairy Sector and Active Presence in The Fruit Beverage Market

01 Apr 2014 --- Parmalat S.p.A. announces that its subsidiary Parmalat Australia Pty Ltd acquired the company Harvey Food and Beverage Ltd.

With this transaction, the Parmalat Group strengthens its position in the Australian market, broadening its geographic footprint in that country and becomes a fully national player. This acquisition improves the Group’s export capability to the Asiatic markets.

Harvey Fresh operates in the state of Western Australia, where Parmalat has a marginal presence, and is specialized in the production of fresh and UHT milk dairy products, in addition to a significant business in the fruit beverage market. In that area of the country, Harvey Fresh is the second largest producer in the dairy sector. This company owns two production facilities (Harvey and Griffith) with approximately 250 employees.
Last financial year, the company reported revenues of about 113 million euros.

The stipulated enterprise value of the acquired business was about 79 million euros and the acquisition was entirely financed by the Group with internal capital resources.