Genus completes acquisition of joint venture

10th Feb 2014 07:08

Animal genetics company Genus has completed the acquisition of Brazilian joint venture Genetiporc do Brasil LTDA for Real 19m.The acquisition was funded by Genus and its joint venture partner, Agroceres, subscribing for additional equity pro rata to their existing equity ownership. For the year through December 2013 Genetiporc do Brasil had a turnover of Real 26.2m and profit before tax of Real 2.9m."Genetiporc do Brasil represents an excellent strategic fit with Agroceres PIC's core activities and the acquisition will bring significant opportunities from the combination of the two operations and will further strengthen Agroceres PIC's business in Brazil," Genus said. RD