Mutti Earmarks €100m For Expansion And New Products

By: Trademagazin editor Date: 2024. 02. 20. 09:14

Italian tomato-based derivatives producer Mutti plans to invest €100 million to launch new subsidiaries and products as part of its 2024-2028 Strategic Plan.

The CEO and majority shareholder, Francesco Mutti, told Italian daily Corriere della Sera that the resources will be used to expand the company’s presence in the USA, the UK, and Germany, and diversify its product range with “ready to use” products and ready meals.

These include fresh soups and vegetable ragù, branded as ‘Mutti ragù’, designed to meet the new eating habits of Italian consumers seeking quality products and looking to reduce meat consumption.

Additionally, Francesco Mutti emphasises the positive changes in agriculture, driven by an increasing consumer preference for plant-based products, and the company’s commitment to sustainability and innovation.

Mutti

Last year, Mutti became the top player in this sector in Australia and strengthened its position in Europe, where it claims to be the market leader in eight countries. The company anticipates 22% revenue growth in 2023 to €660 million, slightly exceeding expectations despite inflationary pressures.

Gross operating margin is expected to improve slightly over 2022 figures, while net debts are estimated at around €120 million, down from €127 million at the end of 2022. Mutti also claims that the Italian market is experiencing significant growth, with the share of revenues from the domestic market rising to 55%.

The recent opening of Mutti’s first branch in the UK follows the 2022 inauguration of Mutti Deutschland in Hamburg, as well as the establishment of Mutti France, Mutti Australia, and Mutti USA.

The company will focus on the United States, where it is already the leading Italian brand in terms of sales, and is also experiencing significant growth in Germany, the UK, and Eastern Europe.

ESM