Europe > Southern Europe > Italy > Italian premium pasta maker Pastificio Lucio Garofalo

Italy: Italian premium pasta maker Pastificio Lucio Garofalo

2014/06/05

Italian premium pasta maker Pastificio Lucio Garofalo announced Wednesday it signed a preliminary agreement to sell a majority 52% stake to the listed, Spanish multinational Ebro Foods for a total investment of 62 million euros.

Ebro Foods is active in the rice, pasta, and condiment sectors, and quoted on the Madrid stock exchange. Garofalo called Ebro Foods an industrial partner with a solid background with which to grow on the basis of a common vision that will "preserve the identity of the company and the product, which owe their distinctive and differentiating traits to the leadership, the workers, inclunding the production site".

Development, the Campanian group said, will continue to be managed by headdquarters in Gragnano. Garofalo Chief Executive Massimo Menna said the transaction enables the Italian company to "consolidate the success of our pasta in the world".

Menna as well warned that the takeover "represents price for the Italian System and should not be read as a 'piece of Italy that is going away"'. "Our company is healthy and strong, and this has put us in an optimal position to seize the best opportunities for increase," Menna said.

"We chose Garofalo for the quality of its product, for the excellent results it has completed over time and for its people who, in the last 15 years in particular, have enabled to give life to an extraordinary story and with whom we have found a perfect personal and professional considerate," said Ebro Foods Chief Executive Antonio Hernandez Callejas. Pasta Garofalo has over 100 years of history. The Menna family have been shareholders since 1952, and gained control of the company in 1997.

Pasta Garofalo has concentrated on the premium segment since 2002, and has risen from a turnover of 30 million euros in 2002 to additional than 134 million in 2013.

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