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

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

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

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

• Lactalis
• UHT
• Financial scandal
• Milan Stock Exchange
• FTSE MIB