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