In 2011, Lactalis American Group reported EBITDA of $84m and revenues of $973.93m.
Parmalat noted that the transaction will be totally financed by its own means and will be completed within July 2012.
According to Parmalat, this transaction enables it to enter into the US market; increase its revenues due to value-added products such as cheese; facilitates export from Canada to the US; and provides access to high growth markets such as Brazil and Mexico.
Lactalis American Group, which operates primarily in the US, owns international brands such as Galbani and Président, and local brands such as Sorrento, Precious and Mozzarella Fresca.
As Parmalat and LAG are owned by the same company - Belgium-based BSA International, Italian media had suggested that the acquisition was merely a way of shifting money between the subsidiaries.
However, Parmalat has denied this and described this acquisition as an industrial strategic investment.
