Saudi Arabia dairy company Almarai Co. has purchased Argentina-based farm operator Fondomonte for $83 million in order to secure access to a supply of animal feed, according to reports.
The acquisition gives Almarai control of 30,000 acres of farmland in Argentina — Fondomonte operates three farms there dedicated to producing corn and soybeans, and also grows barley, rice and sorghum. Almarai said it plans to use the crops to feed chickens and cattle.
