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
The finance chiefs from the leading economies met in southern England to discuss measures to deal with the global economic crisis.
more »
Environmental projects up for bid at ‘auction floor’ conference in Brussels.
more »
In the United States increasing numbers of men are having vasectomies to avoid any added strain on hard-pressed finances.
more »
Within last year the number of settlement operations made by using AB Bank SNORAS payment cards grew by 21 per cent or twice more than on the market where 10 per cent growth was fixed.
more »
The “Erika III” package, aimed at protecting Europe's coasts from maritime disasters and improving passenger and crew safety, was adopted by Parliament on Wednesday.
more »
Improving the transparency and the supervision of the financial system to ensure proper risk management in the banking sector is the aim of legislation approved on Monday by the Economic and Monetary Affairs Committee.
more »
MEPs could back speeding up the rate at which Europe's regional funds are made available.
more »
The Commission has taken a humanitarian decision for €700,000 to provide assistance to communities affected by floods in Fiji, the Solomon Islands and Papua New Guinea.
more »
The international business magazine Euromoney has announced the results of its Private Banking Survey 2009, and Parex banka has received the award for “Best Private Banking Services Overall” in Latvia.
more »
Mass layoffs and inflation are pushing people to seek food aid.
more »