5th Feb 2008 07:00
Origin Enterprises Plc05 February 2008 Origin Enterprises plc - Acquisition of Masstock Group Holdings Limited Origin Enterprises plc ('Origin') announces that it has completed theacquisition of Masstock Group Holdings Limited ('Masstock'). Details of thetransaction were announced on 22 January 2008. Masstock, with operations in the United Kingdom and Poland, is the leadingprovider of specialist agronomy services directly to arable and grassland farmenterprises. The initial consideration for the equity share capital of Masstock is Stg£26.3m.Deferred consideration of up to Stg£10m will be payable based on the achievementof profit targets over the period to July 2012. Masstock generated a turnover ofStg£250.6m for the year ending 30 June 2007 and operating profit before nonrecurring items and goodwill amortisation amounted to Stg£6.8m. Masstock had nettangible assets of Stg£23.6m at 30 June 2007 and net debt of Stg£30.6m. The acquisition is being funded by additional bank facilities and it is expectedthat the acquisition will be earnings enhancing for Origin from the date ofcompletion. Commenting on the completion of the acquisition, Tom O'Mahony, Chief Executiveof Origin said: "Masstock provides integrated agronomy services directly to over 10,000 farmbusinesses throughout the United Kingdom and Poland. This leading approachprovides a fully integrated production system, based on a superior research andon-farm agronomy management. The acquisition significantly enhances Origin'scapability to support primary food production combining science withprescription and precision based farming practice and economics to deliver longterm sustainable farming solutions." "Masstock has the capability, expertise and proven ability to respond to therapidly changing context for primary food production which combined with thegeographical spread of its business presents a new exciting growth opportunityfor Origin." Ends Enquiries Origin Enterprises plcBrendan Fitzgerald, Chief Financial Officer Tel: +353 1 612 1259 Murray ConsultantsJoe Murray Tel: +353 1 498 0300 Tel: +353 86 253 4950 About Origin Enterprises plc Origin Enterprises plc is a leading Agri-Nutrition and Food company listed onthe IEX and AIM markets of the Irish and London Stock Exchanges. TheAgri-Nutrition division, through its manufacturing and distribution operationsin Ireland and the United Kingdom, has leading market positions in the supply offeed ingredients, crop nutrition and specialist marine proteins. The Group'sFood division, comprising sales, marketing, distribution and manufacturingactivities in Ireland, has leadership positions in ambient food across theretail, food service and manufacturing sectors. The Group has the benefit of asubstantial operating asset base including a number of significant propertieswith development potential located in areas destined for future development andregeneration. Website: www.originenterprises.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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