FED: Paramalat Australia to trade as normal despite parents woes

AAP General News (Australia)
12-26-2003
FED: Paramalat Australia to trade as normal despite parents woes

Parmalat Australia's managing director says the business is sound and will trade as
normal despite the financial scandal surrounding its parent company.

A fraud investigation in Italy has uncovered a multi-billion dollar black hole in parent
company Parmalat Finanziaria's balance sheet.

But Parmalat Australia's managing director DAVID LORD says his company operates independently
within the Parmalat global group.

Mr LORD says Parmalat Australia employs over 1,500 people across Australia, including
around 800 in its Brisbane headquarters.

The company's brands include Pauls, REV, Skinny Milk, Trim, Breaka, IceBreek and Vaalia.

It purchases more than 600 million litres of milk from farmers and co-operatives each
year and sales in Australia top $650 million annually.

AAP RTV ch/dl

KEYWORD: PARMALAT (BRISBANE)

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