Swiss milk processor Emmi has sold its 80% majority stake in Spanish goat’s cheese manufacturer Lácteos Caprinos to Lácteas García Baquero.
Founded in 2002, Lácteos Caprinos specialises in the production of goat’s milk products such as curd and cheese and reportedly generates annual sales of around €10 million.
Emmi acquired its 80% stake in Lácteos Caprinos back in 2016 from its two owners, Pedro Mantilla and Francisco Sainz.
The deal, which was made for an undisclosed sum, will see Spanish company Lácteas García Baquero take over all 40-full time employees. As part of the transaction, the business will continue under the Lácteos Caprinos brand.
Emmi says its move forms part of its focus on a growth and margin delivering international business, with the decision based on adjustments to its Europe-wide goat’s milk procurement strategy. However, the Swiss company highlights that the consistent expansion of goat’s milk products remains strategically important.
In August, Emmi increased its stake in Dutch goat’s milk processor Bettinehoeve to 90%, while last year, it acquired a 66% stake in Austrian milk processor Leeb Biomilch.
The recent sale will result in a one-off charge of around CHF 15 million ($16.95 million) to EBIT in the 2020 financial year for Emmi.
© FoodBev Media Ltd 2020
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