MEXICO CITY, July 10, 2019 /PRNewswire/ -- Grupo LALA, S.A.B. de C.V., a Mexican Company focused on the healthy and nutritious food industry ("LALA") (BMV "LALAB"), today announced that on July 3, 2019, Grupo LALA and Groupe Lactalis successfully reached an agreement related to prior legal proceedings initiated by LALA due to Cooperativa Central dos Produtores Rurais de Minas Gerais Ltda. ("CCPR") sale of 100% of its shares in Itambé Alimentos, S.A. to Groupe Lactalis on December 5, 2017. Grupo LALA had previously believed CCPR's sale of its shares in Itambé Alimentos, S.A. to Groupe Lactalis represented a potential conflict with certain agreements signed between Vigor and CCPR. LALA had therefore initiated legal proceedings to determine the appropriate course of action.
The agreement successfully reached between Grupo LALA and Groupe Lactalis on July 3, 2019 stipulates:
i. All judicial and arbitral procedures open to date between both companies have been definitively and irrevocably terminated for each party. Each party will be responsible for the payment of expenses and costs associated with said procedures.
ii. The contractual relationship in Mexico between Parmalat and Grupo LALA has been terminated, thereby releasing both parties from any and all responsibilities related to said contract.
This agreement is aligned with Grupo LALA's strategy to focus on key markets such as Brazil.
Grupo LALA, a Mexican company focused on the healthy and nutritious food industry, has more than 65 years of experience in the production, innovation and marketing of milk, dairy products and beverages under the highest quality standards. LALA operates 31 production plants and 176 distribution centers in Mexico, Brazil, the United States and Central America. The Company is supported by more than 38,000 employees and operates a fleet of more than 7,000 units for the distribution of more than 600 LALA products which reach in excess of 578,000 points of sale. LALA®, Nutri Leche® and Vigor® are marquis brands within the Company's extensive brand portfolio.
For more information, visit: www.lala.com.mx
"Grupo LALA is listed on the Mexican Stock Exchange under the ticker "LALAB"
SOURCE Grupo LALA, S.A.B. de C.V.