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AGI Announces Completion of Milltec Acquisition
AGI Announces Completion of Milltec Acquisition Canada NewsWire WINNIPEG, March ...
About this update from Ag Growth International Inc.
[{"type":"text","content":"\n\n\n\nAGI Announces Completion of Milltec Acquisition\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, March 28, 2019\n\n\n\nWINNIPEG, March 28, 2019 /CNW/ - Ag Growth International Inc. (TSX: AFN) (\"AGI\" or the \"Company\") is pleased to announce that the previously disclosed transaction to acquire 100% of the shares outstanding of Milltec Machinery Limited (\"Milltec\") was completed today. The purchase price1 for Milltec was $109.5 million, plus the potential for up to an additional $38.4 million based on the achievement of EBITDA1 targets.  The transaction was funded by AGI's revolving credit facility.  For the twelve months ended January 31, 2019, Milltec's sales1 and EBITDA1 were $56.2 million and $10.1 million, respectively.\n____________________________\n1 See \"Reader Advisories – Currency Conversions\" and \"Reader Advisories - Non-IFRS Measures\" below.\n \nMilltec is headquartered in Bangalore, India, and is a market leading manufacturer of rice milling and processing equipment in India.  \n\"The acquisition of Milltec marks an important step for AGI as we expand into rice equipment and enter the large, and rapidly growing, markets in India.  Milltec now forms the foundation of our platform in India as we build a footprint to deliver our complete 5-6-7 strategy.  India is one of the world's largest producers and consumers of all agriculture products and will invest heavily in the infrastructure required to facilitate the daily lives of over a billion people.  Milltec joins AGI at an inflection point in its journey from a small regional company to a Pan-India business. We will invest and collaborate to accelerate th...