Lactalis, the privately owned French dairy company, reached a significant milestone last year as sales for the dairy giant surpassed €20bn for the first time. Recently filed accounts for Lactalis show the group’s sales increased 8% last year thanks to acquisitions to hit just over €20bn.

While sales continue to grow for Lactalis, profits took a sharp fall in 2019. Net profits for the French company slumped 25% last year to hit €318m.

Lactalis operates 250 production sites globally and employs more than 80,000 people

At the same time, the group’s net debt soared by more than 50% to just under €5.9bn following a series of recent acquisitions, including a €740m deal for South African infant formula company Aspen Pharmacare.

Processing in excess of 20bn litres of milk every year, Lactalis is the world’s third largest dairy company by milk pool. Owned by the Besnier family, Lactalis operates 250 production sites globally and employs more than 80,000 people.

The French group manufactures standard butter, cheese, yoghurts, liquid milk and cream, as well as specialised products such as dairy ingredients, infant formula and dairy-based medical nutrition products.