The Brazilian unit of troubled Italian food group Parmalat has said it is reversing its acquisition of a tomato processing plant and returning it to Anglo-Dutch consumer goods giant Unilever.
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Parmalat Brasil said that due to the “special situation that has hit the company”, the Inbal plant in the central Brazilian state of Goias will be returned to Unilever, Reuters reported.
Parmalat Brasil made the acquisition of the facility from Unilever last November.
The firm’s parent company, Italy’s Parmalat, is struggling to survive a massive financial scandal that has led to the arrest and investigation of several executives, including founder and former-CEO Calisto Tanzi.
Ricardo Goncalves, president of Parmalat Brasil, has travelled to Parmalat’s headquarters in Italy to discuss the future of the Brazilian unit, Reuters said.
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