Parmalat posts lower profit, acquires Chilean cheese companies | Progresiv
Italian food and dairy corporation Parmalat has acquired several companies from the cheese sector in Chile for roughly 100 million euros. 
As a result of this transaction, conducted through the La Vaquita Holding subsidiary, the Parmalat Group has expanded its presence in Chile where it already operates through a licensing agreement.
The acquired companies include four production facilities and brands such as 'La Vaquita' and 'Kümey'. In 2016, the acquired companies generated about 95 million euros in net revenue.
The news comes after Parmalat reported a 1.1% growth in 2016 net revenue, to 6.48 billion euros, but saw profit tumble 45.6%, to 79.4 million euros.
Both the European and North America sales regions posted decreased sales, to 1.07 billion euros (-7.9 million euros) and 2.48 billion euros (-52 million euros), respectively, due to the decrease of the value of the Russian ruble and the Canadian dollar. Sales in Latin America reached a net revenue of 1.38 billion euros (+1.6%). (www.esmmagazine.com)
