Parmalat Australia, a subsidiary of dairy firm Parmalat, has agreed to acquire Longwarry Food Park for $67m.
An agreement to this effect was signed by the company.
Longwarry Food Park, which operates in the state of Victoria, specializes in the production of milk powders, cream cheese, plus fresh and UHT milk products.
It currently operates a production facility in Longwarry with approximately 50 employees.
The acquisition will enable Parmalat Group to further bolster its position in the Australian market, broadening its manufacturing base in that country.
With this transaction, Parmalat enters the milk powder market and supports its overall milk supply base.
This acquisition, which is subject to certain conditions including approval by Foreign Investment Review Board, also improves Parmalat Australia's export capability.
Parmalat produces and distributes milk, dairy products, and fruit beverages. The company operates in three segments: milk, dairy products, and fruit beverages.
It operates in Europe, North America, Latin America, Africa, and Australia.
Image: The acquisition will enable Parmalat Group to further bolster its position in the Australian market, broadening its manufacturing base in that country. Photo: courtesy of Parmalat S.p.A
