Italian food group Newlat has announced that it intends to buy a majority stake in Centrale del Latte d’Italia, an Italian-based dairy group.
With revenue of €180 million ($ 193 million) last year, Centrale del Latte d’Italia is a producer of milk, yogurt, cream and cheese as well as fresh vegetables, pasta, cured meats, and desserts. Besides Europe, the company exports to China, Hong Kong, Macao, the United Arab Emirates, Saudi Arabia, Kuwait and Oman.
Newlat, a producer of pasta, bakery products, and baby food and the company behind brands such as Buitoni and Gudo said the acquisition would boost its revenue to €500 million (US$533 million).
Newlat chief executive Giuseppe Mastrolia said: “The strategic rational is combining the two companies’ production capacity to become one of the leaders for dairy production in Italy”.
Sources: Just Food