Fattorie Giacobazzi, a Nonantola-based company, specializing in the production of balsamic vinegar, condiments and wine vinegar has been acquired by Monari Federzoni – a historic Modena-based producer of Balsamic Vinegar of Modena PGI, condiments and beverages – has signed an agreement with Granarolo.
With the COVID 19 pandemic affecting the food business, Balsamic Vinegar of Modena PGI was not any less affected. With restaurants also shutting down during this time, sales dropped by 20-30%. The aggregate turnover of Monari Federzoni and Fattorie Giacobazzi will be 32 million. This is why another Italian balsamic vinegar leader is about to enter the scene.
With the urgent need of changing their strategy and shifting to a simple business model, Granarolo has now decided to focus on their core products: milk and dairy. They plan on acquiring new businesses in Italy and abroad in the coming future.
Courtesy: ItalianFood.net