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| FirstFarms A/S purchases larger agriculture in Slovakia as part of growth strategy |
| Bratislava, 02.05.2019 |
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| FirstFarms A/S has signed conditional agreement (SPA). The agreement is entered in continuation of Head of Terms about purchase of Hospoda Invest A/S (company announcement no. 1/2019 of 7 February 2019).
Hospoda Invest A/S owns 100 percent of the Slovak company, JK Gabcikovo s.r.o., which includes both crop and pig production in Slovakia. There are 2,300 sows with a yearly production of 75,000 pigs, of which 40-45,000 are sold as piglets and 30-35,000 as slaughter pigs. The production plants are of high quality, and the production results have been very satisfactory for a number of years.
The production foundation for the crop production is 1,500 hectares of arable land of high quality. Crop rotation is varied, mostly consisting of wheat, rape and maize.
The purchase price is DKK 185 million for 100% of the share capital in Hospoda Invest A/S.
The current due diligence process must be finished, before the agreement is final, and we expect take over in Q3 2019.
The purchase of Hospoda Invest A/S is in 2019 expected to have a positive influence on FirstFarms A/S’ accounts.
Synergies to current production
We expect, that there will be significant synergy effects related to FirstFarms existing production, says Anders H. Nørgaard. “The agricultural production in Eastern Europe is in a really good development. The price of land is increasing, and the demand for pork is large.”
FirstFarms A/S
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Address : Euro-Brew Ltd., Hlboká 22, 917 01 Trnava, Slovakia
Tel. : +421 33 53 418 53, Fax : +421 33 53 418 52, E-mail : info@eurobrew.sk |
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