Origin Enterprises completes acquisition of Romania's Redoxim

Origin Enterprises completes acquisition of Romania's Redoxim Aleksandar Dickov/Shutterstock.com

BUCHAREST (Romania), September 18 (SeeNews) - Irish agri-services group Origin Enterprises plc said on Friday it has completed the acquisition of a 100% interest in Romania's Redoxim following the satisfaction of all conditions.

In July, Origin Enterprises said it had reached an agreement to acquire Redoxim for a total cash consideration of 35 million euro ($40 million), with 31.5 million euro payable upon completion and 3.5 million euro payable on the first anniversary of completion.

Redoxim's revenue and operating profit before non-recurring items were about 53.6 million euro and 5.6 million euro, respectively, in 2014, Origin Enterprises said back then.

Redoxim, headquartered in the western Romanian city of Timisoara, is a provider of agronomy services, macro and micro inputs to arable, vegetable and horticulture growers. It employs over 190 people and services approximately 2,000 customers.

Also in July, Origin Enterprises said it had reached an agreement to acquire 100% of Romania's Comfert upon an enterprise value of 19.4 million euro. Comfert, headquartered in the northeastern town of Bacau, is a leading provider of agronomy services, integrated inputs and crop marketing support to arable and vegetable growers.

($ = 0.8745 euro)

5 / 5 free articles left this month
Get more for free. Sign up for Basic subscription
Get full access. Upgrade to Premium subscription