Agência Brasil
Brasília – As a result of the crisis in the Italian multinational firm, Parmalat, its local subsidiary, Parmalat Brasil, has so far closed down four factories. Three other factories are in trouble due to a lack of raw material. It is estimated that Parmalat Brasil has a total debt of US$160 million.
In testimony yesterday at the Chamber of Deputies, Parmalat Brasil president, Ricardo Gonçalves, declared that the situation is grave and that only a restructuring of the company will enable it to continue operating.
Gonçalves lamented the lack of financial aid. He said he has been authorized by Parmalat headquarters in Italy to negotiate the sale of its Brazilian operations. He revealed that salaries have been paid on time and that Parmalat Brasil remains viable.
