Italian Lavazza bought a French Carte Noir

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Italian coffee producer Lavazza has announced that it had bought the French company Carte Noire for €700-750 million

Italian coffee producer Lavazza bought the French company Carte Noire for €700-750 million reports Reuters, citing a statement by Lavazza.

It is noted that €400 million will Finance banks Sanpaolo, BNL-BNP Paribas, Rabobank, UniCredit, and the remaining amount the company would pay in cash.

As stated in Lavazza, thanks to the agreement, revenues in 2016 will reach €1.7 billion ($1.9 billion). This is 20% more than in 2015.

The Agency notes that the acquisition of Carte Noir is another step in a long-term strategy of the Italian group for the opportunity to compete in the market with larger players such as Jacobs Douwe Egberts.

"Our goal is to create such conditions that will allow us to play a key role in this sector," said Lavazza CEO Antonio Baravalle. "We expect to increase its annual revenue to €2 billion over the next 5 years," he added.

The plans of the Italians to increase overseas sales to 70% of the total from 55% in 2015. According to the company in 2015 sales in the USA increased by 20%.

Lavazza intends to continue to seek attractive to buy the company, but they are ideal for local producers. At the moment the company seventh in the world by market capitalization among coffee producers.

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