Taking its first step into e-commerce, Italian food retailer Parmalat said Monday it is buying a $30 million equity stake in Web grocery site NetGrocer.com.
Published:
21 March 2000 y., Tuesday
The companies said the stake represents 22.3 percent of privately held NetGrocer.com_s capital on a fully diluted basis. The purchase is expected to be completed by the beginning of April.
Under the agreement, Parmalat will take a seat on NetGrocer_s board of directors and executive committee and will contribute to the online grocer_s business and financial strategy.
In expanding its U.S. customer base, all of Parmalat_s non-perishable products in the United States will be offered on NetGrocer.com, including its number 1 seller, boxed milk, juices, soups and bakery products. Parmalat will also use NetGrocer.com_s e-commerce technology as part of the agreement. Parmalat also said it will back NetGrocer_s efforts to expand internationally to Europe, Latin America, Asia and Australia. Uva said Parmalat_s business is 20 percent shelf-staple based and 80 percent is fresh milk products and includes brands such as Farmland Dairies and Welch juices. Uva said U.S. sales in 2000 are predicted to reach $650 million.
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
An International Monetary Fund (IMF) mission led by Mr. Hunter Monroe of the IMF’s Western Hemisphere Department visited Dominica during January 18-28 for the annual Article IV discussions on economic developments and macroeconomic policies.
more »
Experts in agriculture and government authorities coincided in requesting new management mechanisms and market regulation to protect the farming sector from the price crisis and enable generational changeover in rural areas at the European Congress of Young Farmers, organised by the ASAJA-Seville agricultural organisation.
more »
Immediate action is required to solve Europe's skills deficiencies and give Europeans a better chance of labour market success in the future, says an independent expert report published by the European Commission today.
more »
The European Investment Bank (EIB) is lending EUR 15.5 million to upgrade water supply and wastewater treatment in the City of Mykolayiv (southern Ukraine) and EUR 100 million to finance small and medium-sized investments in the areas of SMEs, energy efficiency and the environment in Ukraine.
more »
The European Commission can confirm that on 20 January 2010 Commission officials carried out targeted inspections at the premises of producers of Flexible Alternating Current Transmission Systems (FACTS).
more »
The European Commission has authorised today under the State aid rules a Lithuanian scheme worth LTL 10 million (approximately EUR 2.9 million) aimed at supporting farmers who encounter difficulties as a result of the current economic crisis.
more »
The effects of the global food, fuel and economic crisis would be felt by Africa’s people for some time yet and it was important to persist with efforts to protect the most vulnerable while laying the foundations for future productivity and growth, World Bank Group President Robert B. Zoellick said Tuesday.
more »
Mongolia’s herders have learnt a hard lesson this winter; a lesson that can perhaps be applied to managing Mongolia’s economy.
more »
DnB NORD Bankas, the leader of the country’s in investment products market, raises initial margin ratio for repurchase deals for most actively traded Lithuanian and Estionian shares.
more »
With over 23 million unemployed in the Europe Union and the jobless figure having risen in every member state since last year, how Europe is coping with the crisis and the effect on pension systems were discussed on Thursday 28 January.
more »