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.
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