Swiss dairy firm Emmi sells 24% stake in Italian cheese group Venchiaredo
Swiss dairy firm Emmi has sold its 24% stake in Italian fresh cheese company Venchiaredo.
The divestment is to allow Emmi to focus on its Italy-based dessert business and cheese exports from Switzerland, as well as its 25% stake in cheese trader Ambrosi.
Venchiaredo offers a wide range of dairy products such as mozzarella, stracchino, mascarpone, ricotta and butter, as well as generates around two-thirds of its sales in Italy.
Last year, the company posted sales of approximately €20m.
In January 2010, Emmi acquired a 10% stake in Venchiaredo, as well as took over the sale of its products.
The former later increased its stake to 24% in 2012 in order to participate in Italy’s growing fresh cheese market and generate synergies associated with fresh products from its yoghurt manufacturing business Trentinalatte.
When Trentinalatte was sold in October 2014, Emmi has decided to sell its stake in Venchiaredo.
Bologna-based Granarolo will now take over the sale of Venchiaredo products.
The sale is reported to be in line with Emmi’s strategy, as it continues to invest and focus on the markets and segments with considerable growth potential.
The Swiss company added that the transaction has no significant impact on EBIT or net profit.