British foods buys Modena vinegar (3)

(ANSA) - Rome, September 11 - British food giant Associated British Foods (ABF), announced today it has reached agreement to acquire Acetum S.p.A., the leading Italian producer of Balsamic Vinegar of Modena (BVM), one of the best known vinegars in the world, which has been granted European Protected Geographical Indication (PGI) status due to its unique manufacturing tradition and provenance, as well as its high quality. Completion of the transaction is subject to antitrust clearance in Germany and Austria.
    Acetum was founded by Cesare Mazzetti and Marco Bombarda, both of whom will remain in the business, and is based in the Province of Modena in Northern Italy, the region traditionally associated with balsamic vinegar. Its brands include Mazzetti, which is the leading brand in Germany and Australia, as well as Acetum and Fini. It also produces a range of apple vinegars and other condiments and sells its products to more than 60 countries around the world. In the year ended 31 December 2016 the business generated net sales of 103 million euros. ABF said: "We have ambitious plans to grow these brands and the acquisition will broaden our international presence in speciality foods."