Italian food major Newlat Food said it has entered into an agreement with Diageo to acquire latter’s production facility located in Santa Vittoria d'Alba, Italy.
Newlat Food said the deal would enable it “to complete and strengthen” its offering in the drinks category – a sector where it already generates over €350 million (£295m) in revenue in the UK.
The British spirits giant had announced plans to close the facility in December.
Newlat said the plant in Santa Vittoria d'Alba “boasts extensive experience in the production of a wide range of alcoholic beverages, ready-to-drink products, and low and no alcohol products.”
Newlat is set to change its name to NewPrinces following its acquisition last year of UK firm Princes for £700m.
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