Visturio S.A to acquire Cooperativa de Lechería de Melo

URUGUAY- Visturio S.A. has announced that it is set to acquire the industrial assets of Cooperativa de Lechería de Melo (COLEME) in a landmark deal aimed at rescuing Uruguay’s oldest dairy cooperative from financial collapse.

Although the business details are not yet closed, according to Conexión Agropecuaria, the investor, Visturio SA, of Argentine origin, would take care of the industrial plant, the debts, and the commitment to purchase milk from producers in the area.

In the last Extraordinary General Assembly the partners unanimously granted their endorsement to the Board of Directors to continue with the negotiation process.

The cooperative’s board of directors issued a statement confirming the signing of a letter of intent by an investor group, which expresses its interest in acquiring the industrial infrastructure.

This authorization enables progress in the evaluation of the project, without this representing a definitive commitment or a closed agreement.

This proposal contemplates only the transfer of industrial assets (real estate, machinery, facilities, production lines) and liabilities.

Visturio S.A.’s plan includes enhancing the value of the plant, increasing the volume of processed milk, and improving production processes, particularly in cheese manufacturing. Furthermore, he intends to attract Argentine and foreign investors connected to agriculture to provide capital.

One of the central points of the project is to evaluate transforming the cooperative into a public company (S.A.), depending on the improvements and value the plant acquires with the investments. This decision, however, remains contingent on formalities and negotiations.

Coleme’s current state reveals significant debt: approximately US$800,000 owed to Banco República and nearly US$2 million in total debts, including those to producers, suppliers, and other creditors.

Additionally, the industrial plant is deteriorated, necessitating urgent investment. Spataro is committed to implementing operational improvements and modernizing management to ensure continuity.

Spataro, CEO Visturio S.A.,  emphasized his intention to preserve the employment levels, incorporate the current workforce, and engage with all stakeholders to make the transition as transparent as possible.

Subscribe to receive our email newsletters with the latest news and insights from Africa, the Middle East and around the world. SUBSCRIBE HERE