Parmalat buys Harvey Fresh dairy, juice company

APRIL 01, 2014
BUSINESS SPECTATOR
ITALIAN giant Parmalat has bought control of Western Australian milk and fruit juice company Harvey Fresh.
Harvey Fresh, established in the farming town of Harvey, south of Perth, in 1986, is WA’s second largest dairy producer.
According to the Australian Financial Review newspaper, the deal is worth around €79 million ($117.43m), while Harvey Fresh has revenue of around $125 million and exports 20 per cent to 30 per cent of processed dairy products to Asia.
Parmalat said the acquisition would help strengthen its position in the Australian market and boost its export strategy.
The company also supplies fruit juice in WA and NSW, with two production facilities employing about 250 people.
Parmalat said the takeover makes it a “fully national player” in the Australian market.
It also owns the Pauls dairy brand, Vaalia yoghurt and several iced coffee products.
Parmalat did not provide financial details of the deal.
The deal follows Canadian dairy giant Saputo’s takeover of Warrnambool Cheese and Butter Factory Company Holdings, beating rival bidders Murray Goulburn Co-operative and Bega Cheese.