Parmalat SpA is a multinational Italian dairy and food corporation. Having become the leading global company in the production of ultra high temperature (UHT) milk, the company collapsed in 2003 with a €14 billion ($20bn; £13bn) hole in its accounts in what remains Europe's biggest bankruptcy. Today, Parmalat is a company with a global presence, having major operations in Europe, Latin America, North America, Australia, China and South Africa. Since 2011, it is a subsidiary of French group Lactalis.
