Competition authority approval for the sale of ForFarmers' of Belgian compound feed business to Arvesta
The Belgian competition authority approved the sale of ForFarmers' Belgian compound feed business to Arvesta. The sale had been announced on 4 April 2023 and involves Arvesta acquiring ForFarmers Belgium's compound feed business, employees, production site in Izegem and factory site in Ingelmunster in West Flanders.
The ForFarmers co-product sales operations, the operations in Belgium of organic feed producer Reudink and horse feed producer Pavo are not part of this transaction.
The transaction will be completed in mid-October. Then ForFarmers will receive from Arvesta a net cash amount of €25 million in accordance with the (sales) purchase agreement.
This transaction is in line with ForFarmers' strategic focus, emphasising ecological as well as economic returns. This acquisition is also in line with Arvesta's continued strategy and it strengthens its position in the Belgian market for the benefit of customers in order to further build the agriculture of the future.
This press release contains information that qualifies as inside information within the meaning of Article 7 paragraph 1 of the EU Market Abuse Regulation.
Note to the editor / For further information:
Caroline Vogelzang, Director of Investor Relations ForFarmers M +31 (0)6 10 94 91 61 •
Stephanie Deleul, Communications Manager Arvesta M: +32 (0) 476 94 35 65 •
ForFarmers N.V. is an international organisation that provides complete innovative feed solutions to the livestock farming industry. With its For the Future of Farming mission ForFarmers underpins its commitment both to the continuity of farming and to further increasing the sustainability of the agricultural sector. ForFarmers is a leading feed producer in Europe with annual sales of around 9 million tonnes of animal feed and is active in the Netherlands, Belgium, Germany, Poland and the United Kingdom. ForFarmers has around 2,500 employees and in 2022 generated revenue of approximately €3.3 billion. ForFarmers N.V. is listed on Euronext Amsterdam.
P.O. Box 91, 7240 AB Lochem, The Netherlands
Arvesta is building the agriculture of tomorrow in a sustainable manner thanks to its unique expertise and innovative smart farming solutions. We are active in animal nutrition, agriculture, horticulture and retail with our 200 Aveve stores. In this way we help farmers grow and increase their yield. With more than 2300 experts and 40 strong brands, Arvesta is a knowledge center for both farmers and consumers. As a full service provider for farmers and horticulturists, Arvesta is a leading player in Belgium and also internationally active with branches in the Netherlands, France and Germany. In this way, we achieve an annual turnover of 1.9 billion euros. www.arvesta.eu
This press release contains forward-looking statements, for example relating to ForFarmers’ legal obligations in terms of capital and liquidity positions in certain specified scenarios. In addition forward-looking statements may, without limitation, contain phrases such as “intends to”, "expects”, “takes into account”, "is aimed at”, ''plans to”, "estimates" and/or words of a similar meaning. These statements pertain to or may affect matters in the future, such as ForFarmers’ future financial results, business plans and current strategies. Forward-looking statements are subject to a number of risks and uncertainties which may lead to material differences between the actual results and performance and the expected future results or performance as implicitly or explicitly contained in the forward-looking statements. Factors that may result in, or contribute to, deviations from current expectations include, but are not limited to developments in legislation, technology, taxation, jurisprudence and regulations, share price fluctuations, legal proceedings, investigations by regulatory bodies, the competitive landscape and general economic conditions. These and other factors, risks and uncertainties that may affect any forward-looking statements or the actual results of ForFarmers are discussed in the most recently published annual report. The forward-looking statements in this press release relate solely to statements as of the date of this document and ForFarmers accepts no obligation or responsibility whatsoever to update the forward-looking statements contained in this release, regardless of whether these pertain to new information, future events or otherwise, unless ForFarmers is legally obliged to do so.