What is "parmalat"

Parmalat SpA is a multinational Italian dairy and food corporation. Having become the leading global company in the production of long-life milk using the ultra-high-temperature ( UHT) process, the company collapsed in 2003 with a €14 billion ($20bn; £13bn) hole in its accounts in what remains Europe's biggest bankruptcy. Since 2011, it is a subsidiary of French group Lactalis. Today, Parmalat is a company with a global presence, having operations in Europe, South America, North America, Australia, China, and South Africa.

Still specializing in UHT milk and milk derivatives (varieties of yogurt, cheese, butter, ice cream, etc.), the group also has an interest in fruit juices. These products are distributed under brand names such as Lactis, Santal, Malù, and Kyr. Its worldwide operations include almost 140 production centres and some 16,000 employees, while 5,000 Italian dairy farms are dependent on the company for the bulk of their business. Its shares are listed on the Borsa Italiana.