Business
Genus to Acquire G?n?tiporc
Genus to Acquire G?n?tiporc.
About this update from Genus Plc
[{"type":"text","content":"\n \nRNS Number : 6042O Genus PLC 23 September 2013 \n \n\nFor Immediate Release 23 September 2013\n \nGENUS plc\n \nGenus to Acquire Génétiporc\n \nGenus plc (\"Genus\" or the \"Group\"), a leading global animal genetics company, is pleased to announce the acquisition of Génétiporc, the porcine genetics business of Aliments Breton Foods Group, the largest 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 £24.8m.\n \nGenus 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 US$30.0m (£18.8m) in cash which will be financed from existing facilities. These acquisitions also include assumption of debt of US$5.6m (£3.5m) 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.\n \nAgroceres PIC, Genus' 49% owned joint venture in Brazil, has signed a memorandum of understanding with the shareholders of Génétiporc do Brazil to acquire it for R...