AgFeed buys several pig farms in China
China’s AgFeed Industries, Inc. has signed agreements to acquire majority ownership of several commercial pig farms located in south China provinces. AgFeed anticipates these acquisitions will close by early May 2008.
AgFeed has agreed to pay, on average, less than 3 times
projected 2008 net income for these businesses.
projected 2008 net income for these businesses.
The new acquisitions
are expected to generate approximately 390,000 in annual pig production for AgFeed.
The Company anticipates that this additional production will add approximately
250,000 pig sales to its 2008 revenues.
AgFeed previously provided
guidance indicating that it would achieve approximately 120,000 pig sales in
2008 from its currently existing pig farm operations.
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