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Genus PLC To Acquire Génétiporc


Monday, 23 Sep 2013 02:00am EDT 

Genus PLC announced the acquisition of Génétiporc, the porcine genetics business of Aliments Breton Foods Group, the producer and processor of organic and natural pork in North America. Génétiporc is based in Canada, and has operations in the US and Mexico and a joint venture in Brazil. The total consideration for the acquisitions including assumed debt and Genus' share of the Brazilian joint venture is GBP24.8 million. Genus will acquire the US and Mexican Génétiporc companies and certain assets in Canada, principally intellectual property, genetic nucleus herds of approximately 3,200 pure line sows and customer contracts. The consideration for these acquisitions is USD30.0 million (GBP18.8 million) in cash which will be financed from existing facilities. These acquisitions also include assumption of debt of USD5.6 million (GBP3.5 million) which will be repaid at, or shortly after, closing. The closing is subject, amongst other things, to satisfactory completion of veterinary verification and is expected to occur in October 2013. Aliments Breton Foods Group will become a customer of PIC, Genus' porcine global business unit, as part of a long term agreement to buy exclusively PIC's genetics. 

Company Quote

1124.0
-6.0 -0.53%
29 Aug 2014