Media Release

Transaction in Italy

Sale of stake in Venchiaredo S.p.A.

Lucerne, 31 July 2017 - Emmi is selling its 24 % stake in Italian fresh cheese specialist Venchiaredo S.p.A., which is based in Ramuscello and generates sales of approximately EUR 20 million. In doing so, Emmi is focusing its activities in Italy on the dessert business, cheese exports from Switzerland and its 25 % stake in cheese trader Ambrosi S.p.A.

Emmi has been a minority stakeholder in cooperative Venchiaredo S.p.A. which is based in Ramuscello, Italy, since January 2010. At the same time Emmi Italy took over sales of Venchiaredo products. In 2012, Emmi increased its stake from 10 % to 24 %.

The aim of this holding was to participate in Italy's growing fresh cheese market and generate synergies associated with fresh products from Trentinalatte. Due to the sale of Italian company Trentinalatte in autumn 2014, Emmi has now decided to also dispose of its stake in Venchiaredo and to give up the sale of Venchiaredo products. Granarolo S.p.A., based in Bologna (Italy), will take over the sale of Venchiaredo products. Emmi's strategy continues to invest in markets and segments with considerable growth potential.

Venchiaredo produces mozzarella, stracchino, mascarpone, ricotta and butter, and generates around two-thirds of its sales in Italy. The company posted sales of approximately EUR 20 million in 2016.

The transaction has no significant impact on EBIT or net profit.

Contacts

Esther Gerster, Head of Group Communications & IR, T +41 58 227 50 69, E-mail:esther.gerster@emmi.com

Sibylle Umiker, Head of Media Relations, T +41 58 227 50 66, E-mail:media@emmi.com

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About Emmi

Emmi is the leading Swiss milk processor and one of the most innovative premium dairies in Europe. In Switzerland, the company focuses on the development, production and marketing of a full range of dairy and fresh products as well as the production, ageing and trade of mainly Swiss cheeses. Outside Switzerland, Emmi concentrates on brand concepts and specialities in established European and North American markets, and increasingly in emerging markets outside of Europe. The primary focus in fresh products is on lifestyle, convenience and health products. In the cheese business, Emmi positions itself as a leading company worldwide for Swiss cheese. Emmi's customers are the retail trade, the hospitality and food service sector and the food industry.

In Switzerland, the Emmi Group includes around 25 production sites of every size. Abroad, Emmi and its subsidiaries have a presence in 13 countries, seven of which have production facilities. Emmi exports products from Switzerland to around 60 countries.

In 2016, Emmi posted net sales of CHF 3,259 million and a net profit of CHF 140 million. The company employs nearly 5,800 staff (full-time equivalents), of which 3,000 in Switzerland.


Website Venchiaredo (Italian/English)
Website Granarolo: (Italian)
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