| This Discussion Paper describes developments affecting Parmalat of Italy, once one of the world's leading dairy-food firms, which filed for bankruptcy protection in December 2003. After the bankruptcy, it was discovered that fraud on a massive scale had occurred at Parmalat, putting the firm in the infamous category occupied by Enron, Tyco International, and WorldCom. This paper analyzes the origins, growth, strategies, downfall, and restructuring of Parmalat, and identifies implications for the U.S. and world dairy industries and international businesses that flow from the firm's experiences. |
