AgFeed to buy 4 hog farms, backs '08 profit view
(Reuters) - Animal-feed and pork company AgFeed Industries Inc (FEED.O) said it agreed to buy four hog farms in South China, and plans to acquire at least five to 10 others before the end of 2008.
The company, which backed its 2008 adjusted earnings view of $1.08 to $1.20 a share, did not disclose the deal value.
Analysts on average expect the company to earn $1.09 a share, before special items, according to Reuters Estimates.
AgFeed, which has its main operations in China, said all its hog farm acquisitions are immediately accretive to earnings. It expects the acquisitions in South China to close in early September.
Earlier this month, AgFeed more than doubled its second-quarter profit that topped analysts' estimates, helped in part by higher hog sales due to newly acquired hog farms.
Shares of the company closed at $10.59 Friday on Nasdaq.
(Reporting by Adveith Nair in Bangalore; Editing by Himani Sarkar)
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