Carr's takes over two animal feed firms to boost earnings
Agriculture, food and engineering group Carr's Milling Industries in the UK has acquired Scotmin Nutrition and A.C. Burn (borthwickburn) from Buccleuch Country for £5.62m in cash.
Scotmin is a manufacturer and distributor of animal feed supplements, based in Ayr, Scotland, where it employs 41 people. It has been trading for over 31 years and is a major supplier to the Scottish market.
For the year ended 31 October 2009, Scotmin generated revenues of £8.0m and operating profit of £0.55m.
said the acquisition of Scotmin, for £4.82m, will create one of the UK's leading feed and mineral block manufacturer and supplier which will be well placed to achieve growth in revenues and profits.
Feed sales company
borthwickburn, which is being acquired for £0.8m, is engaged in the sale of animal feed and proprietary animal health products and trades from three locations - Jedburgh, Selkirk and Berwick.
The acquisition extends the number of retail branches operating in northern England and Scotland from 15 to 18.
For the year ended 31 October 2009, borthwickburn generated revenues of £3.2 million and operating profit of £28,000.
Scotmin and borthwickburn are expected to enhance the company's earnings for the financial year ending 3 September 2011.
1£ = €1.22 = $1.49 (23 june 2010)
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