13 June 2008 – Local media report that food and beverage giant Nestle's Italian subsidiary has selected Swiss investment group TMT Finance SA to take over its Buitoni dried pasta and crisp bread plant in San Sepolcro, Tuscany.
The plant, which employs 450, has an annual turnover of €100 million and manufactured 55,000 tonnes of products in 2007, according to the reports.
Trade union representatives had been voicing their reservations at TMT before the news broke out. San Sepolcro’s workers went on strike following the announcement.
“TMT is the only bidder who is able to guarantee the site's activity, jobs and growth, as well as the development of the Buitoni brand”, Nestle said in a statement. “Production will remain in the Arezzo province, thanks to a strict licensing agreement,” the group added.
Nestle Italia will continue to manage the Buitoni brand in the Italian fresh and frozen food sectors and will keep ownership of the brand, one of only six international Nestle brands, a spokesperson for the Swiss group was reported as stressing.
Buitoni accounts for under 1% of the Italian dried pasta market, 4% of the country’s fresh pasta market, and 8% of its biscotte market.
This is TMT’s second acquisition in the food industry in as many months. The investment firm recently bought Newlat off Parmalat, as reported on FLEXNEWS.
