Press release issued on behalf
of Axéréal :
French co-operative group, Axéréal, has
entered into a conditional agreement to acquire the malting business of
Greencore Group plc
- Acquisition will create 5th largest global malt
business in Boortmalt Group
Thursday, 11 February, 2010 – French co-operative
group, Axéréal, has today (Thursday) announced that it has
reached agreement with Greencore Group plc to acquire its malting business,
Greencore Malt, through its malting business, Boortmalt Group.
The completion of this agreement is conditional upon the approval of the
shareholders of Greencore Group plc.
This acquisition will establish Axéréal’s malting
business, Boortmalt Group, as the world’s 5th largest malting business,
and the third largest in Europe, with a production capacity of over 1.1
million tonnes of malt. The Group will have malting plants in 11 European
locations, and a strong presence in key markets including South and Central
America, Africa, Asia and Europe.
Boortmalt Group is currently the 7th largest maltster worldwide producing
620,000 tons of malt annually. Greencore Malt produces 520,000 tonnes
and is ranked the world’s 9th largest maltster. Boortmalt Group
has the largest malting plant in Europe located in Antwerp with a production
capacity of 320,000 per year.
Commenting on today’s announcement, Axéréal Chief
Executive Officer, Dominique Bamas, said:
“As a major farmer-owned co-operative group, Axéréal’s
strategy is to invest in, and develop, quality downstream grain businesses
that help ensure the proper functioning of competitive markets for cereals.
We seek to build strong positions for each of our processing businesses
to create influential players on a global stage, which deliver quality
products, innovation and service to our customers. Our acquisition of
Greencore Malt will be a significant step in delivering on this strategy
and establishes Boortmalt as a leading player in the global malt business.”
Headquartered in Antwerp, Belgium, the Boortmalt Group is led by CEO,
Yvan Schaepman. Following the deal, he will be supported by David Wilkes,
the current CEO of Greencore Malt, who will join Boortmalt as its Deputy
CEO.
Commenting on today’s announcement, Yvan Schaepman, said: “Our
affiliation to Axéréal is our core strength, giving us access
and influence on all stages of the barley supply chain (from certified
seed to distribution and dispatch of the crop), helping us to ensure quality
and traceability of our products, and to drive innovation to meet the
changing needs of our customers and the market.
This acquisition helps us build on the strong relationships we have with
our suppliers and our customers through an excellent network of modern
malting plants and a broader international presence. This acquisition
will help us expand our offer to customers with a range of services and
products, including malt diversification, in particular with special and
peated malts for brewers, distillers and food manufacturers.”
“I look forward to welcoming Greencore Malt into the Boortmalt Group.
The combination of our two businesses creates a very strong group with
a compelling offer for our customers. We are very complementary,”
he said.
Post acquisition, the Boortmalt Group will have 11 malting plants in Europe:
Antwerp, Ghlin and Gembloux in Belgium, Issoudun in France, Knapton and
Bury St. Edmonds in England, Athy in Ireland, Glenesk and Buckie in Scotland,
Dunaujvaros in Hungary and Nova Gradiska in Croatia.
Rooted in the grain producing Centre region of France, Axéréal
is a major agri co-operative group formed in July 2009 from the merger
the two French co-operative unions, Agralys and Epis-Centre. Axéréal
purchases 5 million tonnes of cereals annually and trades 8 million tonnes.
The co-operative Group has 13,000 farmer members, 3,500 employees and
revenues of €2.8 billion. Its trading activities focus on three areas
covering the key links in the international grain supply chain, namely
Grain (seed supply, farm advisory, collection, marketing), European trade
(purchase and sale of grain, and logistical services), Processing (malting,
flour milling, animal feeds, oilseed crushing and bioethanol production).
Deal adviser to Axéréal: Banque Hottinguer, NCB, CIC Finance
Ends
For further information please contact:
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