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The Board of Directors of Centrale del Latte di Torino & C. S.p.A. - a company operating in the production and sale of fresh milk, dairy and ultrafresh products and listed in the Star Segment of Borsa Italiana S.p.A. (the Italian Stock Exchange) - approved today the agreement finalized with Centrale del Latte di Brescia for the acquisition of a 50% share in CLAV Finanziaria S.p.A., the company which holds an 82% share in the Central Dairy of Vicenza.
The whole operation, with the implementation of all agreed contract requirements and the transfer of shares, amounts to Π6,750,000. It is expected to be closed by mid September 2002.
As known, last April the acquisition syndicate led by Centrale del Latte di Torino, Centrale del Latte di Brescia and Granarolo, won the bid called by the Municipality of Vicenza for the acquisition of the Local Central Dairy.
In order to finalize the acquisition, a newco - CLAV Industria S.p.A. - was incorporated by the three companies. This newco is equally owned by Centrale del Latte Torino and Centrale del Latte di Brescia (which together hold an 82% share through CLAV Finanziaria), and by Granarolo S.p.A. with an 18% share.
After today's operation, Centrale del Latte di Torino will enjoy a stronger presence within Centrale del Latte di Vicenza, by taking up the majority share in CLAV Industria (82%), while Granarolo maintains its original 18% shareholding.
For Centrale del Latte di Torino, this operation confirms the strategy of geographic expansion and growth pursued by the company. Indeed, after consolidation of the results of Centrale del Latte di Vicenza, 2002 financial year is expected to close with total sales exceeding Π90 million.
With regard to the agreement on Centrale del Latte di Brescia, a greater focus on local business will be pursued, in line with the resolution passed by the newly appointed BOD of Centrale del Latte di Brescia S.p.A. This also confirms the excellent relations with Centrale del Latte di Torino which are also going to continue in the future in all sales activities.
Finally, with a view to further strengthening the presence and the sales growth of Centrale del Latte di Vicenza, Centrale del Latte di Torino has appointed Mr. Nicola Codispoti as General Manager of Centrale del Latte di Vicenza.
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