British multinational acquires balsamic vinegar of Modena IGP

Associated British Food (ABF), a UK-based multinational with a turnover of £13.4 billion, is set to purchase Acetum, the largest Italian producer of balsamic vinegar of Modena IGP along with balsamic glazes and other condiments.

The transaction, valued at around €300 million, is awaiting the go-ahead of the antitrust authorities in Germany and Austria. What is certain however is that the Emilia-Romagna-based firm will maintain its current management and will continue production in Italy.

ABF trades on the London stock exchange and operates in 50 countries worldwide. In Italy it already employs 2,500 people under the Twinings tea brand and at the Primark stores and the bakery product manufacturer AB Mauri.

Acetum exports to 60 countries and in 2016 posted a turnover of €103 million. Balsamic vinegar of Modena is just one of the Italian products that have been taken over by a foreign company.

One of the best-known cases in the agri-food sector is the acquisition by French group Lactalis of Parmalat and its brands Galbani, Invernizzi, Cademartori, Locatelli and Président.

The Swiss multinational Nestlé has acquired Buitoni and Sanpellegrino, Perugina, Motta, Antica Gelateria del Corso and La Valle degli Orti, while Peroni beer is now owned by South African company SabMiller.