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Asia Pacific: Parmalat Australia acquires dairy producer

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Parmalat Australia Pty Ltd has signed an agreement to acquire Longwarry Food Park Pty Ltd (Longwarry), a company that operates Victoria, Australia.

Longwarry produces milk powders, cream cheese, as well as fresh and ultra heat temperature milk products.

The company owns a production facility and employs 50 people.

Last financial year, Longwarry reported revenues of approximately €60 million (US$73.78 million).

The stipulated enterprise value of the acquired business is approximately €45 million.

With this transaction, the Parmalat Group will broaden its manufacturing base in Australia, enters the milk powder market and supports its overall milk supply base. This acquisition improves Parmalat Australia’s export capability.