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
In January 2009, the EBRD commissioned two Italian consultants to study Turkey's sustainable energy market in preparation for future investments.
more »
Next week a delegation of more than 50 Chinese businessmen, accompanying the Chinese Vice-Premier Hui Liangyu, are arriving to Lithuania.
more »
The German developer “ECE” together with Lithuanian partners opened a new shopping and entertainment centre Ozas Gallery in Vilnius.
more »
As it embarked on an ambitious stimulus spending, Thailand turned to the World Bank for advice on how to fast track the spending coupled with proper management controls to keep programs on the rails.
more »
Peter Reiniger Business Group Director for Central Europe and the Western Balkans from the European Bank for Reconstruction and Development visited Latvia to sign subordinated loan agreement with Parex banka.
more »
On Monday AB DnB NORD Bankas started placement of a 13-month fixed-rate Lithuanian government bonds. It is the first time when Lithuanian sovereign USD denominated securities will be available on Lithuania’s retail market.
more »
The Swedish business daily Dagens Industry published an interview with Andrius Kubilius, the Prime Minister of Lithuania, to Bloomberg News.
more »
The economic crisis still has a firm grip on large parts of the world. But Sweden’s Minister for Trade Ewa Björling can see bright spots.
more »
The European Bank for Reconstruction and Development and KfW Entwicklungsbank (The German development bank) are providing a financing programme worth up to €28.9 million to MegaBank - one of the strongest regional banks in the eastern Ukraine.
more »
A settlement in an international tax dispute that strained U.S. ties with Switzerland.
more »