Simest acquires stake in Consorzio Casalasco del Pomodoro

 Rome  - Simest, a financial institution for the development and promotion of Italian enterprises abroad, together with Sace, the CDP Group's export and internationalization hub, has acquired a minority stake in Consorzio Casalasco del Pomodoro, Italy's major farmers' cooperative. Consorzio specialises in the production and processing of industrial tomatoes and is the owner of the "Pomi" brand, which is internationally known. The increase in Consorzio's share capital was entirely underwritten by Simest for 15 million euros (which is currently equal to 25 percent of shares) and is meant to finance a major investment program regarding products, processes and plants. This move is done with with a view to boost the company's presence in foreign markets, especially very promising ones such as North America, Asia and the Middle East. Andrea Novelli, Simest chief executive officer, said: "Agrifood is a very important sector that contributes to the Italian export balance and also to the image of the country in the world." Simest CEO also added that: "By investing in a top-quality Italian company, Simest is supporting the international expansion of "Made-in Italy" products and all the Italian companies operating in the supply chain." The Consorzio Casalasco is a cooperative based in the province of Cremona. Established back in 1977, it has a membership of all Italian 370 agricultural companies operating in the field of industrial tomato growing, processing and packaging. The Consorzio, employing over 1,300 employees with long-term and temporary contracts, has plants located in the provinces of Cremona, Piacenza and Parma. In 2015 it recorded a total turnover of 249.2 million euros. Pomi is a brand that represents well the essence of "Made-in-Italy" products. It is distributed in over 60 countries and is very well established in the U.S. market. This is due to the activity that Pomi U.S.A Inc, its local subsidiary, has been carrying out since 2009. (AGI). .