Australia: Parmalat acquires Harvey Fresh

Parma / IT. (pspa) Parmalat S.p.A. announces that its subsidiary Parmalat Australia Pty Ltd acquired the company Harvey Food and Beverage Ltd (Harvey Fresh). With this transaction, the Parmalat Group strengthens its position in the Australian market, broadening its geographic footprint in that country and becomes a fully national player. This acquisition improves the Group’s export capability to the Asiatic markets. Harvey Fresh operates in the state of Western Australia, where Parmalat has a marginal presence, and is specialized in the production of fresh and UHT milk dairy products, in addition to a significant business in the fruit beverage market. In that area of the country, Harvey Fresh is the second largest producer in the dairy sector. This company owns two production facilities (Harvey and Griffith) with approximately 250 employees. Last financial year, the company reported revenues of about 113 million EUR. The stipulated enterprise value of the acquired business was about 79 million EUR and the acquisition was entirely financed by the Group with internal capital resources. Italian Parmalat is controlled by French Lactalis Group (global No. 1 on the dairy market) since July 2011.

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