BRAZIL - Italian dairy processing company Parmalat S.p.A. is to acquire some of the production plants and brands of the Brazilian company Lácteos Brasil S.A.
The 250 million Reais (about €83 million) acquisition was part of creditors’ proceedings, Em Recuperação Judicial (LBR) last week and was carried out by Parmalat’s Brazilian subsidiary Lactalis do Brazil.
The deal involved the company’s UHT milk and local cheese production which has revenues of about 580 million Reais (about €190 million).
The deal will allow the Parmalat Group to regain full title to the exclusive licence to use the “Parmalat” brand for the production and distribution of UHT milk throughout Brazil.
The transaction has to be ratified by the competent Bankruptcy Court and authorized by the antitrust authority (Brazilian Administrative Council for Economic Defence - CADE).
TheMeatSite News Desk