News Animal feed sector
ForFarmers makes acquisition in Belgium
ForFarmers has taken over the Belgian 'Voeders Algoet'. The acquisition involves an amount of approximately €14 million. The deal still needs to be approved by authorities.
Voeders Algoet is active in the cattle and pig sector. The company is located in Zulte, close to the 2 other ForFarmers locations in Belgium. The takeover includes the more than 20 employees and the 12 bulk trucks. The so-called wage-week activities, in which fattening pig farmers produce on feed money, are not included in the deal.
Feeds Algoet sold about 2016 tons of compound feed in the broken financial year 2017/1, which ran from July 30 to June 150.000. This was good for a turnover of approximately €40 million and a gross profit of around €2 million.
Number 2 in Belgium
Adrie van der Ven, COO of ForFarmers in Belgium and Germany, says that the acquisition fits in with the consolidation that is necessary for a healthy Belgian agricultural sector (in the long term). The acquisition makes ForFarmers the second largest feed company in Belgium. This is in line with the ambitions that ForFarmers is pursuing to acquire a leading position in the countries present.
The share of ForFarmers, listed on the Midkap on the Damrak, reacted positively to the news on Tuesday 12 June. Shortly after opening, the share was more than 4% higher at €11,880 per share. The takeover in Belgium is already the second takeover of this year. In February it was announced that ForFarmers in the Polish Tasomix steps.
Wouter Job
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