Marel, an Iceland-based company specializing in meat, poultry and food processing equipment, has closed on a transaction in which it is acquiring Dutch company MPS meat processing systems.

Marel in November had announced that it entered an agreement to acquire the company for a price of EUR382 million (US$417 million). The closing of the acquisition was subject to anti-trust approvals that have now been obtained without reservation. As a result, all the conditions for the acquisition have been satisfied and the transaction was completed on January 29.

United, the two companies will be at the forefront in developing full-line solutions and equipment for the meat processing industry, Marel stated in a press releases. Marel and MPS have a good strategic and cultural fit with a highly complementary product portfolio and geographic presence, creating a strong platform to enhance further growth.

MPS is a leader in primary processing solutions for the pork and beef industry as well as in innovative solutions in water treatment and food logistics. Under the leadership of MPS’ management, MPS has shown solid growth and profitability in recent periods. Based on preliminary figures, MPS’s revenues and EBITDA for the full year 2015 are slightly above the guidance communicated on November 21, 2015. MPS has one of the largest installed bases in the industry and a large global base of customers.

The MPS acquisition enhances Marel’s position as a leading global provider of advanced systems and solutions to the poultry, meat and fish industries and is fully in line with the company’s previously announced growth strategy, the company stated. This step will contribute to a more balanced revenue split between industry segments and geographies.