April 15, 2004

Campina Moves Into Asia Following Acquisition Of Parmalat Thailand

Campina will make its first foray into the Asian dairy market following the acquisition of Parmalat in Thailand.

The acquisition emphasises the fact that the company is actively pursuing the strategy it revealed last year to take advantage of opportunities for growth in Asia. Located in Bangkok, Parmalat Thailand is currently active primarily in pasteurised and long-life milk. With approximately 175 employees, the company achieved a turnover of several million euros in 2003. The financial details of the agreement will not be disclosed.

The acquisition of these Parmalat activities offers Campina the opportunity to build up a local organisation aimed at the development of Campina activities in Thailand relatively quickly. It is true that dairy consumption in Thailand is low compared to that of Western European countries; however, the consumption is showing strong growth. Thailand is one of the fastest growing economies in the region. Its modern retail sector is also growing rapidly, at the expense of traditional shops.

With the acquisition, Campina is assured of professional local management that is well acquainted with the local market and culture. Furthermore, the acquired company has a number of innovative product concepts that are geared entirely to the local market, and fit in well with the Campina brand.

Campina will acquire 90 per cent of the shares of Parmalat Thailand. The remaining 10 per cent was and will remain in the hands off a local partner.