BayWa AG
New acquisition: BayWa expands trading in agricultural equipment in the Netherlands
BayWa AG / Key word(s): Joint Venture New acquisition: BayWa expands trading in agricultural equipment in the Netherlands International trading and services company BayWa AG will acquire a 49% share in Dutch company Agrimec. The transaction is subject to approval by antitrust authorities. Agrifirm, one of the largest agricultural cooperatives in the Netherlands, holds a 51% share in the agricultural equipment company. The purchase price of the 49% share amounts to EUR3.8 million. Agrimec is a newly founded joint venture between Agrifirm and BayWa AG. Agrifirm will transfer its entire agricultural equipment business (called Abemec) in the Netherlands to the new joint venture. The company will sell and service among others the AGCO products Fendt and Massey Ferguson in its sales territories, which focus on the southern Netherlands. ‘We want to seize the opportunities offered by the global agricultural boom for the agricultural equipment sector. For the first time, we are expanding beyond our previous equipment sales territory in Germany and Austria by acquiring a stake in a joint venture,’ said Klaus Josef Lutz, Chief Executive Officer of BayWa AG, explaining the reasons behind the new acquisition. In 2012, BayWa acquired Dutch company Cefetra B.V. and New Zealand-based Turners & Growers Limited, two internationally active agricultural trading and logistics companies. ‘The participation in Agrimec therefore fits perfectly in our internationalisation strategy, which we launched some years ago in the renewable energies business,’ Lutz said. ‘Because our traditional sales territory does not offer enough potential for expansion, we need to expand our trading activities internationally. We need scope to act in terms of our own sales strategy and in terms of how we approach our customers,’ added Roland Schuler, Member of the BayWa AG Board of Management in charge of Agricultural Equipment. BayWa is the world’s largest sales partner for AGCO products, meaning the company will be able to leverage its expertise particularly well in the new joint venture, according to Schuler. BayWa AG Royal Agrifirm Group Contact: Marion Danneboom, BayWa AG, Head of PR/Corporate Communication, tel. +49 (0)89/92 22-36 80, Fax +49 (0)89/92 22-36 98, e-mail: marion.danneboom@baywa.de End of Corporate News 19.12.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
Language: | English | |
Company: | BayWa AG | |
Arabellastraße 4 | ||
81925 München | ||
Germany | ||
Phone: | 089/ 9222-3691 | |
Fax: | 089/ 9222-3698 | |
E-mail: | marion.danneboom@baywa.de | |
Internet: | www.baywa.de | |
ISIN: | DE0005194062, DE0005194005, | |
WKN: | 519406, 519400, | |
Indices: | SDAX | |
Listed: | Regulierter Markt in Frankfurt (Prime Standard), München; Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, Stuttgart | |
End of News | DGAP News-Service |
245541 19.12.2013 |