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Photo by Judita Grigelyts (V)
AB Linas Agro Group enters into a share purchase agreement with KG Group, owned by businessman Tautvydas Baris, owner of Kaunas grdai, Kaiiadori pauktynas and Vilniaus pauktynas, in order to acquire a majority stake in related companies.
The full amount of the transaction is not disclosed in the agreement, and its approval will still require the permission of the Competition Council.
Linas Agro, who spread the word about the acquisition through Nasdaq in June, says the merger of the two business groups will create a strong agribusiness and food production company operating in the Baltic countries that will be able to compete successfully in the Baltic countries, Poland, Scandinavia and other Eastern and Western European markets.
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The deal is very important, so we hope to finish it in 2021. spring. We are confident that this step will open up new opportunities and strengthen the food production sector and create a vertically integrated agri-food business that will generate greater added value for customers in all areas of activity, quotes Darius Zubas, Chairman of the Board of Linas Agro Group.
The group of companies managed by Linas Agro Group has more than 2,100 employees. The Group’s financial year begins on July 1, the latter with revenues of 658 million. EUR million EUR, net profit was 9 million. EUR, assets under management 405 million. EUR.
Kaunas grdai together with Vilnius and Kaiiadori poultry farms and secondary enterprises form a group of food production enterprises with 3,900 employees. 2019 The consolidated group’s revenues amounted to 563 million. EUR, the net profit was 5.4 million. EUR, assets under management amounted to 332 million. EUR.
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When operating in the international market, we see how the global market environment combines its assets and businesses, pushing the smallest companies to market. We understand that Lithuanian companies also need to come together as quickly as possible. Linas Agro Group and KG Group are similar groups and think tanks. I believe that by joining forces from both companies, the work I have started will continue successfully, under conditions of strong and even active competition, we will create success stories of Lithuanian products not only in the local market but also in the global one, says KG Bart .
D. Zubas, Chairman of the Board of Directors of Linas Agro Group, emphasizes that a strong echo in the regional market in the sectors of trade, supply to farmers and food production of the Baltic, Scandinavian and Poland will help to ensure stability. of Chinese local producers and producers in a highly competitive and open EU market.
We hope that by being larger and more integrated, we will be able to compete successfully with much larger Polish and Scandinavian companies. Our goal is to become the best food production and agricultural services company in the Baltic countries, says D. Zubas.
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