Parmalat Australia, a subsidiary of Parmalat, has signed an agreement to acquire Longwarry Food Park, which specialises in the production of milk powders, cream cheese, plus fresh and UHT milk products.
The stipulated enterprise value of the acquired business is estimated to be €45m.
This acquisition will broaden Parmalat's position, manufacturing base in Australia and allows it to enter the milk powder market. In addition, it also bolsters Parmalat Australia's export capability.
The transaction is subject to approval by FIRB (Foreign Investment Review Board). Parmalat will finance the acquisition exclusively with internal resources.
Longwarry, which operates in the state of Victoria, is a supplier of fresh and commodity milk products and owns a single production facility with around 50 employees. It has reported revenues of around €60m in the last fiscal year.
