Nutreco has signed an agreement on the intended sale of Hendrix to ForFarmers
Today, Nutreco and ForFarmers have signed an agreement on the intended sale of
Hendrix to ForFarmers for a total consideration of EUR 92.5 million, resulting
in a book profit at completion. As part of the transaction, Nutreco and
ForFarmers have entered into a long term strategic partnership, including a
Nutreco and ForFarmers plan to conclude a definitive agreement upon completion
of required consultation with the relevant works councils. It is expected that
completion of the transaction will take place in the first quarter of 2012 upon
ForFarmers gaining regulatory approval from the European anti-competition
authorities and shareholder approval. Approximately 690 employees that work for
Hendrix will transfer to the new owner.
Hendrix is a leading supplier of compound feed in the Netherlands and Belgium
with a strong regional market position in Germany. Hendrix operates 10
production facilities with total capacity of 2.5 million tonnes that are located
in regions with high demand for compound feed. Its compound feed products for
swine, ruminants, poultry and horses are sold under well-known brand names.
Hendrix has an extensive and well-functioning dealer network. In 2010 revenues
amounted to approximately EUR 830 million.
Wout Dekker, CEO of Nutreco:
"The intended sale of Hendrix to ForFarmers is in line with Nutreco's strategy
to participate in the consolidation of the compound feed industry in mature
markets such as the Netherlands and Belgium. After intensive examination of the
strategic options, we came to the conclusion that in a consolidating market, the
sale of Hendrix to ForFarmers provides best future opportunities for Hendrix and
its stakeholders. ForFarmers is a strong and excellent new owner for Hendrix and
a long term strategic partner for Nutreco."
Bert-Jan Ruumpol, CEO of ForFarmers:
"The combination with Hendrix is a great step towards realising our ambition, to
become one of the best and most customer focused animal feed companies of
Europe. In order to continuously improve, we want and need to grow. We aim to
make an optimal contribution to the return on farms. This can only be achieved
if you have the best knowledge and people at your disposal. As a partner of
Nutreco, we can also make use of Nutreco's global knowledge. With a flexible,
internationally growing organisation, we are a challenging working environment
for all employees and dealers."
ForFarmers is an international company that is committed to taking corporate
sustainability to the next level. It produces and supplies regular and organic
feed and commodities such as arable and grassland products, focusing mainly on
the cattle, pig, poultry, arable and contract work sectors. Besides its
products, it also offers customers an additional package of services, ranging
from comprehensive advice to assistance with business development. ForFarmers
sells its feeds in the Netherlands, Belgium and Germany.
ForFarmers operates 10 production facilities in the Netherlands and Germany, is
headquartered in Lochem, the Netherlands and employs 840 people. It holds a
majority stake in Cefetra, an international trading and logistic company for raw
materials for feed, food and fuel, and as such an important supplier for the
compound feed industry.
* * * * *
Nutreco is a global leader in animal nutrition and fish feed. Our advanced feed
solutions are at the origin of food for millions of consumers worldwide.
Quality, innovation and sustainability are guiding principles, embedded in the
Nutreco culture from research and raw material procurement to products and
services for agriculture and aquaculture. Experience across 100 years brings
Nutreco a rich heritage of knowledge and experience for building its future.
Nutreco employs about 10,000 people in 30 countries, with sales in 80 countries.
Nutreco is listed on the NYSE Euronext stock exchange in Amsterdam with annual
revenues of EUR 4.9 billion in 2010.
For more information:
Jan Slootweg, Director Investor Relations a.i., Nutreco
Telephone: +31 (0)33 422 6132
Mobile:Â Â Â Â Â Â +31 (0)6 232 29 680
E-mail:Â Â Â Â Â Â firstname.lastname@example.org
Nutreco has signed an agreement on intended sale Hendrix to ForFarmers:
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