Ukrainian businessman purchases 50 percent of assets from US poultry processor Townsends
2011-03-01 17:47:46
Ukrainian businessman Oleh Bakhmatiuk, major stockholder of the largest in Ukraine producer of eggs and egg products Agroholding Avangard, has purchased about 50 percent of assets of one of the leading U.S. poultry processing companies Townsends.
As the Agroholding informed, the transaction took place through company Omtron Ltd., which is an Avangard's stockholder.
"I consider this transaction very attractive. Since Townsends is one of the oldest meat producers in the U.S. The company processes 320,000 tons of poultry meat a year. In 2010, its earnings amounted to USD 500 million," Bakhmatiuk noted.
According to him, this transaction will allow to more rationally combine and use export possibilities of the company on the Middle East markets. Today, a number of negotiations have been conducted with large meat importers in Iraq, Saudi Arabia and UAE. The company also plans to carry out supplies to Ukraine and Russia markets.
The purchase of the U.S. company brings Bakhmatiuk's business to a leading position in Ukraine, the experts note.
Townsends, founded in 1891, by results of 2010, occupies about 1.8 percent of the broiler meat market in the U.S.