July 31/Rome/Press Release -- Italian dairy group Parmalat has acquired Brazilian gourmet cheese specialist Balkis Indústria e Comércio de Laticínios Ltda.

The acquisition was made through Parmalat's Lactalis do Brasil subsidiary for BRL70 million ($30.7 million). The price, however, may be adjusted based on accounting reviews at the date of closing, Parmalat said.

The deal includes a portfolio of activities in the gourmet cheese sector of São Paulo, including two production facilities in Santo Antônio do Aracanguá and Juruaia.