Linas Agro Group
Notification on material event
Linas Agro Group acquired Labūnavos agricultural company
Panevezys, Lithuania, 2012-07-16 08:00 CEST --
A subsidiary of AB Linas Agro Group, UAB Linas Agro Konsultacijos having received permission from Competition Council acquired 98.55 pct. shares of Labūnavos agricultural company for LTL 22.5 million.
Labūnavos agricultural company was established in Kėdainiai district in 1992. The company cultivates 2,800 ha of land. The scope of its activities includes dairy and meat production (600 dairy cows and 100 beef cattle), oilseed rape, wheat, barley and corn cultivation. There are 125 employees at the company. In 2011, its turnover totaled LTL 16.3 million, EBITDA (earnings before interest, tax, depreciation and amortization) amounted to LTL 5.2 million and the net profit was LTL 3.7 million.
“We planned to acquire 87 pct. of shares but after some negotiation with the shareholders acquired more as company is viable: she has always been profitable and its EBITDA increased during the last three years. The company looks attractive to us also because of its own 490 hectares of land, because our strategy is to expand arable land and 20 thousand ha, the acquisition of viable agricultural enterprises. Labūnavos agricultural company increased cultivated land area of our Group to 14,200 hectares”, says Deputy Managing Director of AB Linas Agro Group Andrius Pranckevičius.
AB Linas Agro Group controls five more agricultural companies in the most yielding Lithuanian areas – Panevėžys district Aukštadvario ŽŪB, Šakiai district Lukšių ŽŪB, Biržai district Medeikių ŽŪB, Sidabravo ŽŪB and Užupės ŽŪB. Their activity covers dairy production, cultivation of grains, oilseed rape and sugar beet.
About AB Linas Agro Group
AB Linas Agro Group is an agribusiness parent company whose subsidiaries are engaged in the production and trade of grains, oilseeds, feedstuff and agricultural inputs. It controls companies in Lithuania, Latvia, Estonia and Denmark. The group consists of international agricultural production trading company in Lithuania AB Linas Agro, grain storage company UAB Linas Agro Grūdų centras KŪB (controlling grain storages in Joniškis, Kėdainiai, Kupiškis, Pasvalys, Šakiai district, Šiauliai and Vilkaviškis), Latvian trading company SIA Linas Agro, international trading company Linas Agro A/S in Denmark, group of companies ŽŪB Landvesta, managing agricultural land, group of five agricultural companies UAB Linas Agro Konsultacijos, operator of lignin biofuel accumulation UAB Lignineko and other companies. The financial year of the companies begins on 1 July.
Together with partners, the controlling company owns agriculture-related products and services providing company UAB Dotnuvos projektai and logistics company UAB Jungtinė Ekspedicija.
From 17 February 2010 AB Linas Agro Group is included in the main list of companies of NASDAQ OMX Vilnius stock exchange.
Deputy Managing Director of AB Linas Agro Group
Phone +370 687 71 419