Parmalat S.p.A. is an Italian multinational dairy and food corporation. Having become the leading global company in the production of long-life milk using ultra-high-temperature processing, the company collapsed in 2003 with a €14bn ($20bn; £13bn) hole in its accounts in what remains Europe's biggest bankruptcy. Since 2011, it has been a subsidiary of French group Lactalis. Today, Parmalat is a company with a global presence, having operations in Europe, North America, South America, Australia, China, and South Africa.
Still specializing in UHT milk and milk derivatives (varieties of yogurt, cheese, butter, ice cream, etc.), the group also sells fruit juices distributed under the brand names Lactis, Santal, Malù, and Kyr. Its worldwide operations include almost 140 production centres and some 16,000 employees, with 5,000 Italian dairy farms supplying it. Its shares are listed on the Borsa Italiana.
|Società per azioni|
|Jean-Marc Bernier (CEO)|
|Products||Milk and dairy products, fruit juice, tea|
|Revenue||€6.416 billion (2015)|
|€276.9 million (2015)|
|€145.8 million (2015)|
Number of employees
|27,596 (end 2015)|
In 1961, Calisto Tanzi, a 22-year-old college dropout, opened a small pasteurisation plant in Parma. Two decades later, the company had grown into a multinational corporation diversifying into milk, dairy, beverage, bakery, and other product lines in the 1980s, becoming listed on the Milan stock exchange in 1990, and expanding further in the 1990s. By 22 April 2002, Parmalat's share price had reached a record and the company was valued at €3.7bn, employing over 30,000 people in 30 countries. The company began to expand and had listed in its portfolio amongst other things: an expansion in the space of a decade from six countries into ownership of ParmaTour (a travel group) and Odeon TV, Parma F.C., Paulista Futebol Clube and S.E. Palmeiras.
In 1997, Parmalat jumped into the world of financial markets in a big way, financing several international acquisitions, especially in the Western Hemisphere, with debt. But by 2001, many of the new divisions were producing losses, and the company financing shifted largely to the use of derivatives, apparently at least in part with the intention of hiding the extent of its losses and debt. In February 2003, chief financial officer Fausto Tonna unexpectedly announced a new €300 million bond issue. This came as a surprise both to the markets and to the CEO, Calisto Tanzi. Tanzi forced Tonna to resign and replaced him with Alberto Ferraris. According to an interview he later gave Time magazine, Ferraris was surprised to discover that, though now CFO, he still did not have access to some of the corporate books, which were being handled by chief accounting officer Luciano Del Soldato. He began making some inquiries and began to suspect that the company's total debt was more than double that on the balance sheet.
The plan for a €300 million fundraising effort was dropped in September 2003 and the company's shares depreciated significantly as a result of the publicised concerns raised over transactions with mutual fund Epicurum, a Cayman-based company linked to Parmalat by November. Ferraris resigned less than a week after the public fall-out and was replaced by Del Soldato. Del Soldato resigned the next month, unable to get cash from Epicurum fund, needed to pay debts and make bond payments totalling at least €150 million. Bonlat was a subsidiary of Parmalat set up in the Cayman Islands. Bonlat's bank, Bank of America, then released a document showing €3.95 billion in Parmalat's bank account as a forgery. Tanzi himself resigned as chairman and CEO. Hundreds of thousands of investors lost their money and would never recover it.
Prime Minister Silvio Berlusconi changed bankruptcy laws by decree to allow a company to seek accelerated protection from creditors, by giving extraordinary powers to a government-appointment administrator (commissario). Enrico Bondi was named commissario.
Calisto Tanzi, once a symbol of unlimited success, was detained hours after the firm was declared officially insolvent in late December and admitted that there was a hole of €8 billion in Parmalat's accounts, but denied any cover-up. The arrest of five other executives followed. The auditors of the administration eventually determined that the debts amounted to €14.3 billion, which was almost eight times the sum originally stated. Several of the company's subsidiaries subsequently went insolvent, including its Brazilian, Argentinian and American operations and its football club in Parma.
Tanzi was eventually charged with financial fraud and money laundering. Among the questionable accounting practices used by Parmalat: it sold itself credit-linked notes, in effect placing a bet on its own credit worthiness to conjure up an asset out of thin air. After his arrest, Tanzi reportedly admitted during questioning at Milan's San Vittore prison that he diverted funds from Parmalat into Parmatour and elsewhere. The family football and tourism enterprises were financial disasters as well as Tanzi's attempt to rival Berlusconi by buying Odeon TV, only to sell it at a loss of about €45 million. Tanzi was sentenced to 10 years in prison for fraud relating to the collapse of the dairy group. The other seven defendants, including executives and bankers, were acquitted. Another eight defendants settled out of court in September 2008. In September 2009, three lawsuits by Parmalat Capital Finance Ltd. and Enrico Bondi, CEO of Parmalat, against Bank of America and auditors Grant Thornton were dismissed.
By 2011, Parmalat had grown cash to 1.5 billion euro. Lactalis quickly purchased nearly 30 % of the company on the open market and in July 2011 succeeded in its 2.5 billion euro takeover offer, reaching a control of 80 % shares at 2.6 € per share.
In 2015 revenues reached 6.42 billion euros and EBITDA 444.5 million euros. Lactalis prepared to delist Parmalat in 2016 with a buyout offer at 2.8 € per share to acquire the remaining 12 %, then raised to 3 € but eventually failed due to opposition by hedge fund Amber and others. In December 2018, Lactalis was thought to have almost reached 95 % shares at an open market price of around 2.85 €/share and to be about to launch a new takeover and delisting offer. Lactalis acquired 7 % of the shares from Amber and other shareholders which had opposed the 2016 takeover, and confirmed the delisting for March 2019.
Below are the rosters for the UNCAF Nations Cup 2003 tournament in Panama, held from February 19 to 27 2003.2005 UNCAF Interclub Cup
The 2005 UNCAF Interclub Cup was the 23rd edition of the international club football competition held in the UNCAF region representing the seven nations of Central America. This was the seventh year of the current format using the name UNCAF Interclub Cup. The tournament was also a qualifying event for the 2006 CONCACAF Champions' Cup. Sixteen teams representing seven football associations took part, starting with the first qualifying games on July 26, 2005. The tournament ended with a two-legged final between Olimpia of Honduras and Alajuelense of Costa Rica. The first leg was played in Tegucigalpa, Honduras on November 23, 2005 and ended with Alajuelense earning a 1-0 victory. The second leg was played in Alajuela, Costa Rica on November 30, 2005 with Olimpia winning 1-0. Alajuelense then won the UNCAF Interclub Cup in a penalty shootout by the score of 4-2. The top three finishers in the tournament, Alajuelense, Olimpia, and Deportivo Saprissa, qualified for the 2006 CONCACAF Champions' Cup.Ault Foods
Ault Foods Limited was a Toronto-based dairy processor and Canada's largest dairy company acquiring other dairy companies across Canada. Ault sold off parts of their business in the mid-1990s; milk division (Sealtest Dairy and Silverwood Dairy) was sold to Agropur. Ault itself was acquired by Parmalat in 1997 and the name ceased to exist.Beatrice Foods
Beatrice Foods Company was a major American food processing company. In 1987, its smaller international food operations were sold to Reginald Lewis, a corporate attorney, creating TLC Beatrice International, after which the majority of its domestic (U.S.) brands and assets were acquired by Kohlberg, Kravis, Roberts (KKR), with the bulk of its holdings sold off. By 1990, the remaining operations were ultimately acquired by Conagra Brands.Beatrice Foods Canada
Beatrice Foods Canada Ltd. is a dairy unit of Parmalat Canada based in Toronto. The Canadian unit of Beatrice Foods was founded in 1969 and separated from its American parent firm, Beatrice Foods in 1978.
Consequently, Beatrice's Canadian operations were not affected by the buyout of its founders and remained in business as one of Canada's largest food processing concerns. In 1997, Beatrice Foods Canada was acquired by the Italian conglomerate Parmalat. Parmalat initially dropped the Beatrice name from its products but the name was reinstated in late 2005 during which the parent company was being investigated.
Beatrice Foods Canada also owned companies in Canada such as Modern Dairies, Crescent Creamery, Royal Dairies and Standard Dairies in Manitoba. Sven Jensen was the president of the western operations until 1990.Calisto Tanzi
Calisto Tanzi (born November 17, 1938 in Collecchio) is an Italian businessman notorious for embezzling an estimated eight-hundred million euros from Italian company Parmalat, founded by him, resulting in a great loss for the company. Tanzi was the founder of Parmalat and its CEO, at the time. Tanzi founded Parmalat in 1961, after dropping out of college. Parmalat collapsed in 2003 with a 14bn euro ($20bn; £13bn) hole in its accounts in what remains Europe's biggest bankruptcy.Collecchio
Collecchio (Parmigiano: Colècc') is a town in the province of Parma, Emilia-Romagna, northern Italy. It is located 12.9 kilometres (8.0 mi) by road southwest of the centre of Parma. A major food-producing area, it is home to multinational Italian dairy and food corporation Parmalat and Parma F.C.'s training complex, Centro Sportivo di Collecchio, and is connected by railway.Enrico Bondi
Enrico Bondi (born 5 October 1934 in Arezzo) is an Italian administrator.
Although he graduated in Chemistry, Bondi has extensive experience of re-structuring companies in financial ill-health. Most notably, he took charge of Parmalat and its subsidiaries during the crisis that followed the Crac Parmalat in the early 2000s. This was a period which gave rise to a debt of €14bn. Bondi is currently the CEO of Parmalat.
On 11 October 2006, Bondi became chairman of Parma F.C., a position he held until the club's sale to Tommaso Ghirardi in January 2007.
He was nominated government commissioner for the spending review by the Monti Cabinet on 30 April 2012.Forti
Forti Corse, commonly known as Forti, was an Italian motor racing team chiefly known for its brief and unsuccessful involvement in Formula One in the mid-1990s. It was established in the late 1970s and competed in lower formulae for two decades. The team's successes during this period included four Drivers' Championships in Italian Formula Three during the 1980s, and race wins in the International Formula 3000 championship, in which it competed from 1987 to 1994. From 1992, team co-founder Guido Forti developed a relationship with the wealthy Brazilian businessman Abílio dos Santos Diniz that gave Diniz's racing driver son, Pedro, a permanent seat in the team and the outfit a sufficiently high budget to consider entering Formula One.
Forti graduated to Formula One as a constructor and entrant in 1995, but its first car—the Forti FG01—proved to be uncompetitive, and the team failed to score a point. Despite this setback, Forti was committed to a three-year deal with Diniz, which was broken when Pedro moved to the Ligier team prior to the 1996 season, taking most of the team's sponsorship money with him. Nevertheless, Forti continued to compete in the sport, and produced the much-improved FG03 chassis, before succumbing to financial problems mid-season after an ultimately fruitless deal with a mysterious entity known as Shannon Racing. The team competed in a total of 27 Grands Prix, scoring no points, and is recognised as one of the last truly privateer teams to race in an era when many large car manufacturers were increasing their involvement in the sport.Lactalis
Lactalis is a multinational dairy products corporation, owned by the Besnier family and based in Laval, Mayenne, France. The company's former name was Besnier SA. It is the largest dairy products group in the world, and is the second largest food products group in France, behind Danone. It owns brands such as Galbani, Société, Bridel, Parmalat, Président, Skånemejerier, Rachel's Organic, Valmont, and Stonyfield Farm.Oak (flavoured milk)
The OAK brand first emerged in 1903 in Newcastle, NSW. The factory cost $42 million to build and It was known as the Hunter Valley milk brand and made its name as a flavoured milk brand in 1967. The brand was launched into Queensland, South Australia and Victoria in 1998 - discontinued in Victoria in 2006 and relaunched in 2010. Oak now uses skim milk instead of full cream in products.Parmalat Canada
Parmalat Canada is a Toronto, Ontario based company that sells dairy products. It is owned by Parmalat SpA of Italy (itself a subsidiary of Lactalis).
The Canadian unit was established in 1997 with the purchase of Beatrice Foods Canada and Ault Foods. It was not affected by financial problems of the parent company and continues to operate in Canada.Parmalat Cup
The Parmalat Cup was a football tournament for clubs that was played five times in the 1990s.It was first held in 1993, and ran for four consecutive years, before a final edition took place in 1998.The first event was hosted in Parma and won by Peñarol, who were to win two more editions, including the 1998 tournament held in Uruguay. The following events, were hosted in a variety of countries including United States, Brazil and Mexico.Parmalat F.C.
Parmalat Fútbol Club is a defunct Nicaraguan football team that played at the top level. It is based in Managua. They played several seasons in the Primera División de Nicaragua however in the 2004 season the club were folded after suffering from severe financial difficulties.Parmalat bankruptcy timeline
In 2003, multinational Italian dairy and food corporation Parmalat collapsed with a €14 billion ($20bn; £13bn) hole in its accounts in what remains Europe's biggest bankruptcy. Parmalat bankruptcy hugely affected Football team AC Parma, where Parmalat was the major shareholder.Paulista Futebol Clube
Paulista Futebol Clube, or Paulista as they are usually called, is a Brazilian football team from Jundiaí, in São Paulo, founded on 17 May 1909. They play at the fourth tier of Brazilian football professional league.
Home stadium is the Jayme Cintra stadium, capacity 15,000. They play in black, white and red stripes, white shorts and socks.Pauls (dairy)
Pauls is an Australian brand name for a range of dairy products. Pauls history can be traced back to 1923. The company has been known under various names, including Queensland United Foods Ltd (QUF), Pauls Ice Cream & Milk Ltd and Pauls Limited. In 1998, Pauls Limited was purchased by the Italian company Parmalat, and officially changed its name in 2003 to Parmalat Australia Ltd. The company currently has its headquarters in South Brisbane. Today, Pauls is an Australia brand name under the Parmalat umbrella.Prost AP04
The Prost AP04 was the car with which the Prost team competed in the 2001 Formula One season. It was initially driven by the experienced Jean Alesi, who was in his second year with the team, and Gastón Mazzacane, who brought valuable PSN sponsorship from Minardi after almost all the sponsors are gone, including title sponsor Gauloises, putting the team into serious financial problems. Eventually, Acer became the team's new title sponsors for the season.
For Prost, 2001 was a season of struggle as Alain Prost struggled to keep the team going. Initially, things looked quite promising after the catastrophic 2000 season, with the Diniz family becoming shareholders and bringing Parmalat sponsorship to the team. The AP04 also used a Ferrari engine and transmission, although the former was badged as an Acer in deference to the team's title sponsor. Prost was also one of several teams to opt for the new Michelin tyres on the French company's return to the sport. Alesi set fast times in winter testing, and the car appeared to show capable speed.
However, the team were mired in the midfield once the season began, fueling the speculation that the team had run an illegally fast car via running the car underweight during testing in an attempt to attract sponsors. However, the cars were much more reliable than the previous distratrous AP03, Alesi finishing all 12 races he had with the team. In the process he scored four precious points, he fell out of favour to team principal Alain Prost and left the team for Jordan after the German GP to replace the sacked Heinz-Harald Frentzen. The German took over Alesi's role as team leader, but could not add to the points tally.
The team's driver problems were even more acute in the #23 car. Mazzacane was dropped after four races in favour of fellow-South American Luciano Burti, who had himself been dropped by Jaguar. Burti was quicker but also got involved in two enormous accidents which wrote off two chassis. The latter, at the Belgian GP put him out for the rest of the season. His replacement, Tomáš Enge, performed competently, but destroyed another car at the Japanese GP.
By the end of the season, however, the focus was firmly on Prost's impending collapse. Prost had fallen out with Diniz and his father, and the team was running out of money. Various deals to buy the team came to nought, and Prost did not survive into 2002. The cars and other assets were bought by Phoenix Finance, which attempted to enter a team for 2002 and 2003, but were barred from doing so by the FIA, as they had not bought Prost's entry or paid the mandatory bond for new teams.
Acer (title sponsor/engine),
Parmalat (Diniz shareholders),
Panamerican Sports Network,
The team eventually finished ninth in the Constructors' Championship, with four points, all scored by Alesi.Tetra Pak
Tetra Pak is a multinational food packaging and processing sub-company of Tetra Laval, with head offices in Lund, Sweden, and Lausanne, Switzerland. The company offers packaging, filling machines and processing for dairy, beverages, cheese, ice-cream and prepared food, including distribution tools like accumulators, cap applicators, conveyors, crate packers, film wrappers, line controllers and straw applicators.Tetra Pak was founded by Ruben Rausing and built on Erik Wallenberg's innovation, a tetrahedron-shaped plastic-coated paper carton, from which the company name was derived. In the 1960s and 1970s, the development of the Tetra Brik package and the aseptic packaging technology made possible a cold chain supply, substantially facilitating distribution and storage. From the beginning of the 1950s to the mid-1990s, the company was headed by the two sons of Ruben Rausing, Hans and Gad, who took the company from a family business of six employees, in 1954, to a multinational corporation. Tetra Pak is currently the largest food packaging company in the world by sales, operating in more than 160 countries and with over 24,800 employees (2017). The company is privately owned by the family of Gad Rausing through the Swiss-based holding company Tetra Laval, which also includes the dairy farming equipment producer DeLaval and the PET bottle manufacturer Sidel. In November 2011, the Tetra Brik carton package was represented at the exhibition Hidden Heroes – The Genius of Everyday Things at the London Science Museum/Vitra Design Museum, celebrating "the miniature marvels we couldn’t live without". The aseptic packaging technology has been called the most important food packaging innovation of the 20th century by the Institute of Food Technologists. The Royal Swedish Academy of Engineering Sciences called the Tetra Pak packaging system one of Sweden's most successful inventions of all time. As of 2011, 20 percent of Tetra Pak cartons are recycled globally.