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Parmalat Acquires Latterie Friulane Dairy Operations.

M2 EQUITYBITES-December 31, 2014-Parmalat Acquires Latterie Friulane Dairy Operations

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31 November 2014 - Italian dairy and food company Parmalat S.p.A. has acquired Consorzio Cooperativo Latterie Friulane S.C.A.'s business operations engaged in the production, sales and distribution of dairy products in a deal worth around USD 14m, the company said.

The deal includes the production facility and offices in Campoformido, buildings in Ponte Crepaldo, San Martino and Monfalcone, and the existing contracts.

Employees will be simultaneously transferred and currently the company has 156 employees. This transfer will be effective as of 1 January 2015.

In 2013 the company reported revenues of about EUR 53.0m, the estimate for 2014 is about EUR 37.0m. This transaction was executed by assuming a net invested capital for about EUR 5.75m (USD 6.96m) and a bank debt for the same amount.

Parmalat said it will continue to carry out and will expand the activities of Latterie Friulane by implementing a plan designed to regain competitiveness and keep in operation the Campoformido production facilities and those that manufacture DOP (Protected Designation of Origin) products, while continuing to source raw milk locally in the Friuli region.

The transaction, which is subject to certain conditions subsequent, has been notified to the Italian Antitrust Authority.

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