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Emmi to sell 24% stake in Italian fresh cheese specialist Venchiaredo

Published 01 August 2017

Swiss milk processor Emmi is divesting its 24% stake interest in Venchiaredo to focus its Italian business on categories like desserts and imports of Swiss cheese.

Emmie said that the transaction will not affect its EBIT or net profit.

Based in Ramuscello in northeastern Italy, Venchiaredo produces a range of fresh cheeses including mozzarella, stracchino, mascarpone, ricotta and butter.

It generated sales of about €20m in 2016, but only two-thirds of those were domestic sales inside Italy.

Emmi initially invested in Venchiaredo in January 2010, purchasing a 10% stake before increasing its holding to 24% in 2012.

The Venchiaredo investment was intended to give Emmi access to Italy’s increasing fresh cheese market and create synergies with another of its local investments, yogurt manufacturer Trentinalatte.

But the Swiss company divested Trentinalatte in 2014 and has now decided to follow suit with Venchiaredo by selling of its remaining interest.

Granarolo, based in Bologna (Italy), is taking over the sale of Venchiaredo products. Granarolo is a food company that operates in the fresh milk and dairy-cheese sector, dry pasta, deli meats and vegetable foods.

In April this year, Emmi has acquired a 40% stake in Brazil’s Laticínios Porto Alegre strengthen its market position in Switzerland.

Laticínios Porto Alegre is ae manufacturer of natural cheese, mozzarella and requeijão (fresh cheese), UHT milk and butter including whey powder for the Brazilian food industry.

Image: Emmi Yum Yogurt Mousse Pfirsich 130g. Photo: courtesy of Emmi Group.