Agri services group Origin Enterprises has announced that it has completed the acquisition of a majority stake in Brazilian firm Fortgreen Commercial Agricola Ltd.
Announcing the news earlier today (Tuesday, August 14), Origin revealed that it has finished proceedings in taking up a 65% controlling interest in the Brazilian-based speciality nutrition and crop inputs business following the satisfaction of all conditions.
This follows on from the initial announcement of the acquisition made in June by the company, which owns agri input brands such as Goulding Chemicals and R&H Hall.Also Read: Origin announces Brazilian stakeholding acquisition
In addition, the separate transaction to acquire a 20% shareholding in the Brazilian-based agronomy services and crop input distribution business, Ferrari Zagatto E Cia. Ltd, is expected to conclude during the first half of the 2018/2019 financial year.
The transactions also provide the platform to address the group’s requirements for meaningful geographical diversification and seasonality balance, Origin’s statement added.
Origin will issue its preliminary results announcement for the year ended July 31, 2018, on September 26.
Fortgreen, which is headquartered in Parana State in southern Brazil, and founded in 2004, is focused on the development of value-added crop nutrition and speciality inputs.
Fortgreen operates a “comprehensive research and new product development capability” and services approximately 1,200 customers through a business-to-business and retail distribution network, the firm added in a statement on the matter.