Origin Enterprises acquires fertilizer company in UK

Origin Enterprises acquires fertilizer company in UK

2:37 PM, 22nd June 2011
Origin Enterprises acquires fertilizer company in UK

DUBLIN, IRELAND: Origin Enterprises Plc will acquire CM Fertilisers Ltd, the fertiliser activities of Carrs Milling Industries. Origin will acquire 100 per cent of CM Fertilisers for an equity consideration of £ 19 million ($ 31 million), plus the working capital related debt at completion which is estimated at £ 5.9 million. The consideration is based on maintainable earnings before interest and tax (EBIT) of £ 3 million from the Business.

Subject to getting the necessary approvals, the transaction will be held on 13 July 2011. The acquisition furthers the development of the group’s core position in the provision of sustainable agricultural technologies and integrated on-farm advisory services that support the primary sectors of the food industry. 

“We are delighted with the acquisition of CM Fertilisers, a highly focused business dedicated to optimising primary producers’ crop yield and quality in an environmentally compliant manner. This acquisition will help to meet farmers’ needs through new service applications providing for the maintenance of soil fertility and the sustainable improvement to plant nutrition. It will also enhance the procurement capability facilitating strategic opportunity to reduce the impact of input price volatility,” said Tom O’Mahony, CEO, Origin.

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