Latest news with #AngeloMastrolia
Yahoo
16-05-2025
- Business
- Yahoo
Newlat mulls IPO following Princes integration
Italy's Newlat Food is considering an initial public offering (IPO) and listing on the London Stock Exchange after integrating Princes Group into the company. In a statement accompanying its first-quarter results, Newlat said it was chewing over "among other things, an initial public offering and listing of a substantial part" of the business, which is being renamed NewPrinces. Newlat snapped up UK food and drinks group Princes last June for £700m (then $893.6m) from Japanese conglomerate Mitsubishi Corp. In the latest filing, Newlat chairman Angelo Mastrolia said the integration of the canned food and juices maker had "completed in an exceptionally short timeframe, allowing us to activate tangible synergies from the outset". Princes is "positioned as the central hub for the group's international foodoperations", Newlat said. It added: "A potential IPO may provide a tangible opportunity to fully drive the growth potential of the food & drinks business, while also enabling the business to secure additional financial resources to accelerate its external growth strategy." The dairy and savoury snacks business stressed: "At this stage, no decisions have been made and there can be no certainty that any such transaction or changes will proceed." In the period ended 31 March, the Mukki brand owner booked €672.7m ($753.3m) in consolidated revenues, a 3.9% decline on the year prior, attributed to "an adjustment in selling prices in a deflationary market environment". Consolidated net profit reached €13.5m, a 61.4% jump on 2024, while gross profit increased 277% to €126m. Meanwhile, consolidated EBIT was up 392% to €28.9m. Consolidated EBITDA increased 62.5% to €52.7m, and in consolidated adjusted terms it increased 30.5% to €54.8m. The Reggio Emilia-headquartered group is already thinking about boosting its drinks production. On Tuesday (13 May), the business announced plans to take over an Italian plant from Diageo that had been set to close. The pasta maker has signed an exclusivity agreement to buy the production facility in Santa Vittoria d'Alba in the north of the country. Newlat said at the time the move would allow the company to strengthen its position in the drinks market. The company said it generates sales of €350m from drinks in the UK. "Newlat mulls IPO following Princes integration" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
13-05-2025
- Business
- Reuters
Newlat Food to buy plant in northern Italy from Britain's Diageo
May 13 (Reuters) - Italy's Newlat Food has signed an exclusive agreement to buy a plant in northern Italy from the world's biggest spirits producer Diageo (DGE.L), opens new tab, it said on Tuesday. In a separate statement late on Monday, Italy's industry ministry said Newlat had presented a binding offer for the factory, with pledges to retain its 349 workers, maintain production levels and develop products. Diageo had announced plans to close the facility in December. Newlat Chairman and CEO Angelo Mastrolia told Reuters the value of the agreement was subject to a confidentiality clause and would be disclosed after it is finalised. Diageo also did not provide details. In a statement, Newlat said the deal would allow it "to complete and strengthen its offering in the drinks category". The plant in Santa Vittoria d'Alba in the northwestern Piedmont region, produces "a wide range of alcoholic beverages, ready-to-drink products, and low and no alcohol products," Newlat said. The "best in class" plant will offer Newlat the opportunity to expand in the spirits and non-alcoholic drinks sector, in particular within the private label and business-to-business segments, Mastrolia said. The company is set to change its name to NewPrinces, after it in May last year bought British peer Princes, known for its tinned fish and Napolina sauces, for nearly 700 million pounds ($924.07 million). ($1 = 0.7575 pounds)
