Food businesses Siro and Cerealto have integrated into a new multinational food group, Cerealto Siro Foods, dedicated to the manufacturing of third-party private labels.
The new group will allocate its operational and financial resources mainly to the biscuits, cereals and pasta categories, in which it has identified global growth potential.
The new group is expected to close the 2018 financial year with estimated consolidated turnover of €600 million and a production volume of 400,000 tons.
Since the start of the year, more than €13 million has been invested by both parties in product innovation.
Production Facilities
The group will have a team of more than 5,000 people distributed in 17 production centres located in Spain, Portugal, Italy, United Kingdom and Mexico, as well as a local team in the USA.
In addition, it operates a production centre in Worksop in the UK, which employs more than 300 people.
Announcing the new group, Cerealto Siro Foods said in a statement, 'The integration of both companies in the Cerealto Siro Foods Group is a unique value proposition to transform together the future of food globally. For consumers, with an offer of innovative, nutritious and healthy products that meet the specific needs of the different groups without sacrificing flavour.'
It added that it intends to make employees of the new group 'protagonists of a cultural and organisational transformation to create the best place to grow and develop professionally, with a clear commitment to digitalisation that allows the connection and sharing on experiences and knowledge globally'.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine.
