De Cecco acquires Russian pasta group for $55m
Italian pasta company De Cecco has completed the acquisition of PMK group, which accounts for about 10% of the Russian pasta market, for €40m ($55m). De Cecco acquired the group from Russian holding Ekoofice.
The acquisition gives De Cecco control of three factories based in Moscow, Smolensk and Saint Petersburg, with total output of 100,000 tonnes a year, as well as a commercial and logistics outpost in the Russian capital.
De Cecco said it saw a strong growth potential for its products in Russia, and would invest an extra €30m ($41.36m) in its Italian plants to increase the production capacity, Reuters reported.
De Cecco, based in the central Italian province of Abruzzo, generates 45% of its sales outside Italy
De Cecco was advised by Deloitte and KPMG for the acquisition.
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