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Cehave Sells Stake in Poulty Processor

02 September 2008

THE NETHERLANDS - Cehave Landbouwbelang's share in Flandrex poultry slaughterhouse has been purchased by Plukon Royale Group.

Cehave Landbouwbelang has announced its intention to sell its minority interest of 45 per cent in the Flandrex group in 2008. The Flandrex group (consisting of a slaughterhouse in Belgium and one in the Netherlands) will be sold to the European company, Plukon Royale Group.

For Cehave Landbouwbelang, this means the sale of its last remaining interest in a slaughterhouse. The move is in line with the company's previously defined strategy to focus on animal feed activities. Conclusion of the transaction is expected by mid-October 2008.

Sale of Flandrex Group to Plukon

Driven by developments in the poultry sector, the Flandrex Group is ready for a new step: further up-scaling. Flandrex is not large enough to sustain its market position in Europe. The group has therefore sought affiliation with a leading party in this sector: the Plukon Royale Group. The Plukon Group is a sound and financially healthy company with a number of slaughterhouses and poultry-processing businesses in the Netherlands, Belgium and Germany.

Transaction probably completed by mid-October 2008

Negotiations on the sale of all shares in the Flandrex Group to the Plukon Group are already in an advanced stage. Plukon has the intention of taking over all shares with retroactive effect from 1 July 2008. Plukon will retain the slaughter activities in Ommel and integrally take over the workforce, including management. The transaction is expected to be concluded by mid-October 2008.

Customers will be informed by Plukon and Flandrex.

In line with strategy Cehave Landbouwbelang

Cehave Landbouwbelang holds a minority interest of 45 per cent in the Flandrex Group.

The concern earlier had 100 per cent ownership of a slaughterhouse: Astenhof Nederland. Astenhof was sold to Flandrex as of 1 January 2006. Following the sale of the minority interest in Flandrex, Cehave Landbouwbelang has no further shareholdings in slaughterhouses. This move is in line with the earlier defined strategy: namely to focus on animal feed activities (and plant activities in the Netherlands).

ThePoultrySite News Desk



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