TEXT-NZ's PGG Wrightson says expands business in Uruguay

(The following statement was released by the company)

WELLINGTON, July 30 - PGG Wrightson has further expanded its business interests in Uruguay by acquiring a 51 per cent shareholding in the leading animal health and rural supplies business Veterinaria Lasplaces.

"Veterinaria Lasplaces has established a benchmark position in Uruguay in the animal health business, with a very strong relationship with the veterinary community. It has operated successfully in this business for 38 years", says Barry Brook, Group General Manager South America.

Veterinaria Lasplaces works closely with veterinarians throughout the country and has a valuable relationship with the National University's Veterinary faculty.

The business has a network of eight stores and 45 staff, concentrated in the south of Uruguay, where the farming is more intensive. It carries a range of animal health and rural supplies products. The successful business model of Veterinaria Lasplaces provides an excellent platform for future expansion and development.

"This acquisition further strengthens PGG Wrightson's strategic position in South America," says Tim Miles, Managing Director of PGG Wrightson. "It adds to the already successful seeds business of PGG Wrightson PAS, Agrosan and Alfalfares (in Argentina), the farm management business servicing the farms owned by NZ Farming Systems Uruguay, and the recently acquired real estate and livestock business of Romualdo Rodrguez."

The Veterinaria Lasplaces business will boost profit in Uruguay for PGG Wrightson by 15 per cent. "South America is making an increasing contribution to PGG Wrightson's group financial performance and is a significant employer, with 400 staff now working directly and indirectly for the company in the region," said Mr Miles.