Parmalat is a prominent Italian food corporation founded in 1961 that eventually became a global leader in UHT milk production. Despite its international success and high-profile sports sponsorships, the company suffered a massive financial collapse in 2003 due to extensive fraud and hidden debts. This event remains one of Europe's most significant corporate bankruptcies, resulting in the imprisonment of founder Calisto Tanzi. Following a period of restructuring and legal settlements with various financial institutions, the firm was acquired by the French multinational Lactalis. Today, the brand continues to operate across multiple continents as a subsidiary, focusing on dairy products and fruit juices. Although it was once a public entity, the company was officially delisted from the stock exchange in 2019.