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AFX News Limited
Ebro Puleva to buy US, Canada's new world pasta for 362.5 mln usd UPDATE
06.07.2006, 05:15 AM

Ebro Puleva SA said it has reached an agreement to acquire US- and Canada-based food company New World Pasta for 362.5 mln usd.

In a statement, Ebro Puleva said New World Pasta comes free of debt, adding that the operation is not subject to regulatory approval.

It expects the purchase to generate synergies of unspecified value with dry grocery producer Panzani and rice group Riviana Foods, both of which it bought last year.

The acquisition will boost Ebro's North American revenues to more than 600 mln usd per year, cementing the Spanish food company as the world´s second largest pasta manufacturer, it said.

New World Pasta has 28.5 pct of the US and 40.9 pct of the Canadian dried pasta markets.

The operation is part of Ebro Puleva´s 2006-09 strategic plan.

The group said it will release more details at a press conference at 1.15 pm today.

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