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Parmalat sells milk processing plant to Venezuela

Italian dairy group Parmalat has sold a milk processing plant to the Venezuelan government, Parmalat said on Wednesday, amid nagging shortages of milk in the South American nation.

Venezuela this year has suffered periodic shortages of basic food products such as milk and eggs, and recently confiscated 125 tonnes of powdered milk from a Venezuelan plant run by Switzerland's Nestle.

Parmalat on Tuesday signed an accord to sell its 1 million liter per day facility in western Venezuela to a state-owned corporation for an undisclosed sum, the company said, adding it had been in talks over the deal for two years.

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