Parmalat to acquire Lactalis American Group
May 29, 2012
by Keith Nunes
MILAN, ITALY — Parmalat S.p.A. plans to acquire the Lactalis American Group Inc., Buffalo, N.Y., owner of the Sorrento, Galbani, President and Precious cheese brands, for $904 million. Both companies are owned by the Laval, France-based Lactalis Group and the transaction is internal to the overall group. It is expected to close in July.
The acquisition will give Parmalat entry into the U.S. dairy market and increase its product line by adding soft and fresh cheeses to its portfolio. Parmalat also sees additional opportunities in Latin America.
In 2011, the Lactalis America Group recorded earnings of $84 million on sales of $979.3 million.