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Today, Nutreco and ForFarmers have signed an agreement on the intended sale of Hendrix to ForFarmers for a total consideration of EUR 92.5 million, resulting in a book profit at completion. As part of the transaction, Nutreco and ForFarmers have entered into a long term strategic partnership, including a know-how agreement.
Nutreco and ForFarmers plan to conclude a definitive agreement upon completion of required consultation with the relevant works councils. It is expected that completion of the transaction will take place in the first quarter of 2012 upon ForFarmers gaining regulatory approval from the European anti-competition authorities and shareholder approval. Approximately 690 employees that work for Hendrix will transfer to the new owner.
Hendrix is a leading supplier of compound feed in the Netherlands and Belgium with a strong regional market position in Germany. Hendrix operates 10 production facilities with total capacity of 2.5 million tonnes that are located in regions with high demand for compound feed. Its compound feed products for swine, ruminants, poultry and horses are sold under well-known brand names. Hendrix has an extensive and well-functioning dealer network. In 2010 revenues amounted to approximately EUR 830 million.
Wout Dekker, CEO of Nutreco:
"The intended sale of Hendrix to ForFarmers is in line with Nutreco's strategy to participate in the consolidation of the compound feed industry in mature markets such as the Netherlands and Belgium. After intensive examination of the strategic options, we came to the conclusion that in a consolidating market, the sale of Hendrix to ForFarmers provides best future opportunities for Hendrix and its stakeholders. ForFarmers is a strong and excellent new owner for Hendrix and a long term strategic partner for Nutreco."
Bert-Jan Ruumpol, CEO of ForFarmers:
"The combination with Hendrix is a great step towards realising our ambition, to become one of the best and most customer focused animal feed companies of Europe. In order to continuously improve, we want and need to grow. We aim to make an optimal contribution to the return on farms. This can only be achieved if you have the best knowledge and people at your disposal. As a partner of Nutreco, we can also make use of Nutreco's global knowledge. With a flexible, internationally growing organisation, we are a challenging working environment for all employees and dealers."
November 16, 2011 - Nutreco
