Deoleo

Last updated
Deoleo, S.A.
Company type Sociedad Anónima
BMAD:  OLE
ISIN ES0110047919
IndustryFood processing
PredecessorArana Maderas, S.A
Founded1955;69 years ago (1955) in Bilbao, Spain
Headquarters
Córdoba
,
Spain
Number of locations
4 processing plants
Area served
Europe, North America, Australia
Key people
Rosalía Portela, President
Pierluigi Tosato, CEO
ProductsCarbonell, Hojiblanca, Koipe, Koipesol, Bertolli , Carapelli, Sasso, Maya, Louit, Friol, Figaro
Owners
Website deoleo.com/en/

Deoleo, S.A. is a Spanish multinational olive oil processing company. It is the world's largest bottler selling brands such as Bertolli, Carapelli, Carbonell, and Koipe. [1] In India, it sells olive oil under brand name Figaro. [2]

Contents

Some controversy emerged in 2010 when Bertolli Extra Virgin Olive Oil was identified as one of the olive oils mislabeled as extra virgin in a study by University of California, Davis. [3]

In May 2014, a complaint was filed by 7 persons in the United States District Court "against Deoleo, USA and Med Foods, Inc", two subsidiaries of Deoleo, S.A. [4]

In 2018, Deoleo agreed to pay a $7 million settlement [5] to resolve a class-action lawsuit that had alleged that the company had misrepresented Bertolli olive oil, and committed to undertake several actions to correct such misrepresentation. [6] The suit alleged that it was misleading for Bertolli to advertize its olive oil as being "Imported from Italy" when the oils actually came from olives grown and pressed in Greece, Chile, Spain, Australia, Turkey, and Tunisia, and had merely been mixed and bottled in Italy. [7] Deoleo removed the phrase "Imported from Italy" from its products and committed not to use similar phrasing in the future unless the oil is derived entirely from olives grown and pressed in Italy. [6] Additionally, the suit alleged that the clear bottles used by Bertolli for its oil were inadequate to protect them from sunlight and temperature extremes, such that the olive oil would not meet the "extra virgin" quality standard by the time it reached consumers. [7] As part of the settlement, Deoleo implemented several new practices to help ensure that its oil would meet the "extra virgin" standard at the time of sale and use: using dark green bottles to protect its extra virgin olive oil from photooxidation; implementing stricter testing protocols; disclosing the date on which the olives used to make the oil were harvested on the bottle; and shortening “best by” period indicated on the bottle. [6]

On 17 January 2020, the management decides to carry out the ACORDEON effect through which the shares become worth 0 Euros to be able to correct part of the debt leaving retailers without investments or savings, leaving practically the majority of small investors with losses, to avoid catastrophic management, debts and avoid bankruptcy.[ clarification needed ]

In July 2022, the National Commission of Markets and Competition (CNMC) imposed fines totaling 220,000 euros on Deoleo, its president Ignacio Silva, and three directors due to violations related to compliance with market transparency and integrity obligations in 2018 and 2019. [8]

Brands

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References

  1. ↑ "The Wall Street Journal". Wall Street Journal. ISSN   0099-9660 . Retrieved 2016-11-18.
  2. ↑ "Deoleo S.A.,the world's No.1 olive oil Company in the world, appoints Charismax Systems to conduct Word of Mouth Marketing (WOMM) campaigns in India". www.indiaprwire.com. Archived from the original on 2016-11-18. Retrieved 2016-11-18.
  3. ↑ "Tests indicate that imported "extra virgin"olive oil often fails international and USDA standards". Olive Center, University of California, Davis. July 2010. Archived from the original on 2017-09-26. Retrieved 2019-05-10.
  4. ↑ Dawson, Daniel (April 12, 2018). "Deoleo Agrees to Settle Lawsuit for $7 Million". Olive Oil Times . Retrieved May 10, 2019.
  5. ↑ Siegner, Cathy (November 28, 2018). "Olive oil producer claims victory in mislabeling and false claims lawsuits". Food Dive. Retrieved May 10, 2019.
  6. 1 2 3 Bucher, Anne (6 April 2018). "Bertolli Olive Oil Class Action Lawsuit Settled for $7M". Top Class Actions. Retrieved 25 April 2018.
  7. 1 2 Colman, Tracy (8 August 2017). "Deoleo Inc. Charged with Mislabeling Bertolli Extra Virgin Olive Oil". Top Class Actions. Retrieved 25 April 2018.
  8. ↑ "La CNMV multa a Deoleo y su cúpula con 220.000 euros por falta de transparencia". EXPANSION (in Spanish). 2022-07-28. Retrieved 2024-08-26.
Official
Financial
  1. ↑ "The Essentials – Bertolli Quality Olive Oil". Bertolli. Retrieved 2019-05-27.
  2. ↑ "Centuries of Mastery - Carapelli your extra virgin olive oil company". carapelli.com. Retrieved 2019-05-27.
  3. ↑ Carbonell. "Carbonell: Love is Homemade". Carbonell: Love is Homemade. Retrieved 2019-05-27.
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