Parmalat
Parmalat is a dairy and food corporation which is a subsidiary of the French multinational company Lactalis. It was founded in 1961 in Parma, Italy by Calisto Tanzi, a 22-year-old college dropout. The name Parmalat comes from Parma and latte, the Italian word for milk.
History[edit | edit source]
Parmalat grew rapidly during the 20th century by pioneering UHT (Ultra High Temperature) milk processing in Italy and diversifying into a wide range of dairy and food products. It became the leading global company in the production of long-life milk using UHT.
In 2003, Parmalat was involved in a financial scandal that led to the company's bankruptcy. The company collapsed with a €14bn ($20bn; £13bn) hole in its accounts in what remains Europe's biggest bankruptcy. Calisto Tanzi was charged with financial fraud and money laundering and sentenced to 18 years in prison.
Products[edit | edit source]
Parmalat's product range includes milk, dairy products, fruit juices, and bakery products. Some of its well-known brands include Santal fruit juices and desserts, VaLActa milk products, and Kyr yogurt.
Parmalat Today[edit | edit source]
Today, Parmalat is a company of the Lactalis Group since July 15, 2011. It is listed on the Milan Stock Exchange and is a component of the FTSE MIB index. The company continues to be a leading player in the production of food and dairy products.
See Also[edit | edit source]
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