February 26, 2018
ForFarmers buys 60% of shares in Poland's Tasomix
ForFarmers N.V. signed a share purchase agreement with the owners of Tasomix to acquire 60% of their shares.
Tasomix is a large and innovative Polish feed company, which is mainly active in the poultry sector.
Through the transaction, ForFarmers adds its fifth country of operation and takes another step in strengthening its position as the leading feed company in Europe.
"We are pleased to be making the first step into Poland. We see opportunities to benefit from the expertise within Tasomix and to leverage our capabilities in Poland," said Yoram Knoop, CEO of ForFarmers.
The head office of Tasomix is located in Biskupice Ołoboczne, next to the mill. The feed mill being constructed in Pionki (approximately 100km south of Warsaw) has a maximum capacity of approximately 350 kiltonnes and is scheduled to open later this year. This mill is destined to manufacture feed for a dedicated poultry integrator, which is linked to the owners of Tasomix. A supply agreement has been put in place with this integrator. The mill will also serve non-integrated poultry farmers and pig farmers.
The company has 180 employees and is currently ranked number four in the Polish feed market.
The agreement includes the possibility for ForFarmers to over time obtain the remaining shares. ForFarmers plans to fully consolidate the Tasomix results, but shall run the company as a true joint venture cross leveraging the strengths of both companies.
Tasomix is expected to contribute to the 2018 earnings per share.
"We are excited about this agreement. It means that we will have access to a very professional and financially solid organisation with international operations and be able to benefit from the large pool of knowledge and experience," Ireneusz Sobczak, managing director of Tasomix, said.
"This will enable us to enhance our growth ambition of becoming a leading Polish feed company."
Tasomix will continue operating under the Tasomix brand.
