AB Linas Agro Group has completed the acquisition of UAB Agro Logistic Service
- S&P 500 ends slightly lower after jobs report
- U.S. job juggernaut rolled on in November; nonfarm payrolls up 263,000
- We are selling risk rallies - Bank of America's Hartnett
- United Airlines (UAL) nearing deal to order dozens of Boeing 787 Dreamliners - WSJ
- Meta Platforms says metaverse could contribute over $3 trillion to global GDP by 2031
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
After receiving the permits of the Lithuanian and Polish competition authorities, AB Linas Agro Group today signed an agreement with UK based company Environmental Development Holding Limited for the acquisition of 100% shares of UAB Agro Logistic Service. The transaction amount is EUR 1.7 million.
UAB Agro Logistic Service is a feed materials and additives trading company with a headcount of 10 people.
The company sells goods in the Czech Republic, Poland, Latvia, Estonia, Italy, Germany, Finland, Norway, Denmark, Russia, Belarus, Uzbekistan, and Tajikistan. Its revenue exceeded 33 million euro in 2020.
“UAB Agro logistic service is very tightly connected with the business of AB Kauno Grūdai. Its acquisition allows us to extend and improve economic relations with many partners of Kauno Grūdai. It is crucial for relations with Western European partners. According to preliminary data, the company's revenue grew by 55% to almost EUR 52 million in 2021. The annual traded volumes should exceed 600 thousand tons, so it contributes a solid portfolio of products and customers to our group of companies,” said Mažvydas Šileika, Chief Executive Officer of AB Linas Agro Group.
About AB Linas Agro Group
AB Linas Agro Group is the largest in terms of revenue group of companies in the Baltic States among those whose shares are traded on the Nasdaq Vilnius Stock Exchange. The group of companies operates in the production and trade of agricultural raw materials and food products and supplies goods and services to farmers. It has over 5,500 employees.
AB Linas Agro Group has 76 subsidiaries and three associates. The companies operate in the Baltic States, Ukraine, Poland, Russia, Belarus, the Netherlands, and the United Kingdom.
The group's financial year begins on 1 July. The consolidated revenue of the group for the financial year 2020/2021 amounted to EUR 942 million, and net profit was EUR 14.2 million.
In mid-July last year, AB Linas Agro Group acquired controlling stakes in AB Kauno Grūdai, AB Kaišiadorių Paukštynas, AB Vilniaus Paukštynas, and related companies. Following the acquisition, the Group's consolidated revenue for the three months of the financial year 2021/2022 grew by 84% and amounted to EUR 440 million, and net profit increased by 199% to EUR 12 million.
Additional information will be provided by:
Mažvydas Šileika, CFO of AB Linas Agro Group
Mob. +370 619 19 403
E-mail [email protected]
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- STACK Infrastructure and ESR expand their APAC partnership into Japan with a 72MW data center development in Osaka
- The Royal Mint launches its final individual collectable 1oz of the year featuring The Hogwarts Express and Queen Elizabeth II's portrait
- Bitget shares Merkle Tree Proof of Reserves to enhance transparency
Create E-mail Alert Related CategoriesGlobe Newswire, Press Releases
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!