Parmalat Acquires Longwarry Food Park, an Australian Company Specialized in the Dairy Sector
23 Dec 2014 --- Parmalat S.p.A. announces that its subsidiary Parmalat Australia Pty Ltd signed an agreement today to acquire the company Longwarry Food Park Pty Ltd, which operates in the state of Victoria and is specialized in the production of milk powders, cream cheese, plus fresh and UHT milk products.
Longwarry has grown significantly over recent years and is now a well recognized supplier of fresh and commodity milk products. This company owns a single production facility (Longwarry, Victoria) with approximately 50 employees.
Last financial year the company reported revenues of approximately 60 million euros.
The stipulated enterprise value of the acquired business is approximately 45 million euros.
With this transaction, the Parmalat Group further strengthens its position in the Australian market, broadening its manufacturing base in that country, enters the milk powder market and supports its overall milk supply base. This acquisition improves Parmalat Australia’s export capability.
The acquisition, which is subject to the fulfillment of some conditions precedent including approval by FIRB (Foreign Investment Review Board), will be financed exclusively with internal resources.
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