ForFarmers N.V.: ForFarmers strengthens position in Belgium by acquiring Voeders Algoet
June 12 2018 - 12:59AM
Lochem, 12 June 2018
ForFarmers strengthens position
in Belgium by acquiring Voeders Algoet
ForFarmers is acquiring Voeders
Algoet, a feed company established in Zulte, close to the
Belgian ForFarmers sites. As
a result, ForFarmers strengthens its position
as feed company in Belgium with the offer of
Total Feed solutions.
Voeders Algoet sells around 150,000 tonnes of
compound feed to swine and ruminant farmers. In the split financial
year (1 July to 30 June) 2016/2017, the company generated
sales of approximately €40 million with an operating result
before amortisation and depreciation (EBITDA) of approximately
€2 million.
ForFarmers is paying circa 7 times Voeders
Algoet's EBITDA. Closing of the transaction is expected to take
place in the second half year of 2018, pending, amongst others,
approval from the Belgian competition authorities. Voeders Algoet's
results will be consolidated in the results of ForFarmers as of
closing date.
Voeders Algoet's current management and
22 staff form part of the transaction. In addition, 12
bulk trailers are included in the acquisition. As a result,
ForFarmers is starting its own transport activities in Belgium.
Voeders Algoet will be integrated into ForFarmers Belgium. Voeders
Algoet's contract farming* activities is not taken over by
ForFarmers. Over time, Voeders Algoet's feed production will
probably be transferred to the current ForFarmers factories in
Izegem and Ingelmunster
Added value for
customers
Adrie van der Ven, COO, and
responsible for the ForFarmers Belgium/Germany cluster and new
regions: "This acquisition fits into the consolidation that is
needed for a healthy agricultural sector in Belgium in the
long-term. Combining the knowledge of both companies to optimally
support customers with their business targets is the main priority.
Voeders Algoet's experience and market position contribute to a
further reinforcement of our Total Feed approach in Belgium. The
new combination will also be the second largest feed company in
Belgium."
Steven and Olivier Algoet, the current owners of
Voeders Algoet, see an opportunity to expand their offerings to
customers further with this transaction: "ForFarmers and Voeders
Algoet are ambitious and focused on offering quality feed, with the
accompanying professional advice. The focus is on increasing yields
in the agricultural business. This step gives our customers and
staff the opportunity to grow with the company towards ForFarmers'
ambitions."
(*) contract farming: farmers produce pigs under
contract from a manufacturer at a pre-agreed price for their work
and premises.
This press release contains
information, which qualifies as inside information within the
meaning of Article 7, paragraph 1 of the EU Market Abuse
Regulation.
Editor's note /
Information:
Contact:
Caroline Vogelzang, Director Investor Relations &
Corporate Communications, ForFarmers
T: +31 573 288 194, M: +31 6 10 94 91 61, E:
caroline.vogelzang@forfarmers.eu
Company profile ForFarmers
ForFarmers N.V.
('ForFarmers', Lochem, the Netherlands) is an internationally
operating feed company that offers total feed solutions for
conventional and organic livestock farming. ForFarmers gives its
very best "For the Future of Farming": for the continuity of
farming and for a financially secure sector that will continue to
serve society for generations to come in a sustainable way. By
working side-by-side with farmers ForFarmers delivers real
benefits: better returns, healthier livestock and greater
efficiency. This is achieved by offering tailored and Total Feed
solutions and a targeted approach with specialist and expert
support.
With sales of approximately 9.6 million tonnes of
feed annually, ForFarmers is market leader in Europe. ForFarmers
has approximately 2,300 employees and production facilities in the
Netherlands, Belgium, Germany and the United Kingdom. In 2017,
revenues amounted to over €2.2 billion.
ForFarmers N.V., Postbus 91, 7240 AB Lochem, T:
+31 (0)573 28 88 00, F: +31 (0)573 28 88 99
info@forfarmers.eu, www.forfarmersgroup.eu
FORWARD-LOOKING STATEMENTS
This press release
contains forward-looking statements, including those relating to
ForFarmers legal obligations in terms of capital and liquidity
positions in certain specified scenarios. In addition,
forward-looking statements, without limitation, may include such
phrases as "intends to", "expects", "takes into account", "is aimed
at", ''plans to", "estimated" and words with a similar meaning.
These statements pertain to or may affect matters in the future,
such as ForFarmers future financial results, business plans and
current strategies. Forward-looking statements are subject to a
number of risks and uncertainties, which may mean that there could
be material differences between actual results and performance and
expected future results or performances that are implicitly or
explicitly included in the forward-looking statements. Factors that
may result in variations on the current expectations or may
contribute to the same include but are not limited to: developments
in legislation, technology, jurisprudence and regulations, share
price fluctuations, legal procedures, investigations by regulatory
bodies, the competitive landscape and general economic conditions.
These and other factors, risks and uncertainties that may affect
any forward-looking statements or the actual results of ForFarmers,
are discussed in the last published annual report. The
forward-looking statements in this press release are only
statements as of the date of this document and ForFarmers accepts
no obligation or responsibility with respect to any changes made to
the forward-looking statements contained in this document,
regardless of whether these pertain to new information, future
events or otherwise, unless ForFarmers is legally obliged to do
so.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ForFarmers N.V. via Globenewswire
Forfarmers NV (EU:FFARM)
Historical Stock Chart
From Sep 2024 to Oct 2024
Forfarmers NV (EU:FFARM)
Historical Stock Chart
From Oct 2023 to Oct 2024