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Nutreco to Buy Spanish Feed and Meat Operations
Nutreco is set to buy the feed and meat assets of Copaga in Catalonia, Spain.The Dutch company signed a letter of intent to buy the assets of Copaga including a feed factory, a poultry processing plant and a pig integration business.
The feed factory has a capacity of approximately 300,000 tonnes and Nutreco said it will strengthen its market position in the region.
The poultry processing facility has a total production of approximately 25 million chickens per year.
This facility has been operated by Nutreco since July 2000 under a lease contract.
The pig integration business of Copaga has 11,000 sows producing approximately 200,000 pigs per year.
Nutreco will have cost-plus contracts with customers in place to mitigate sensitivity to market reference prices.
The acquisition of these assets of Copaga enables Nutreco in Spain to further optimise feed and meat capacity and reduce production costs, the company said. It will add approximately € 50 million in revenues and will be EPS enhancing.
The transaction is subject to due diligence and approval of the members of the Copaga cooperative and of Spanish regulatory authorities.
It is expected to close in the first quarter of 2008.
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