ForFarmers has completed the acquisition of Voeders Algoet in Belgium, which was announced June 12. The results of Voeders Algoet are consolidated in the ForFarmers results as of October 1.
Voeders Algoet is located in Zulte, close to the Belgian ForFarmers facilities, and sells on a yearly basis around 150,000 tons of compound feed to swine and ruminant farmers.
In FY2016-17, the company generated sales of approximately EUR40 million (US$46.3 million) with an operating result before amortization and depreciation (EBITDA) of approximately EUR2 million.
Voeders Algoet's current management and 22 staff form part of the transaction. In addition, 12 bulk trailers are included in the acquisition. As a result, ForFarmers is starting its own transport activities in Belgium. Voeders Algoet will be integrated into ForFarmers Belgium. Voeders Algoet's contract farming activities is not taken over by ForFarmers. Over time, Voeders Algoet's feed production will probably be transferred to the current ForFarmers factories in Izegem and Ingelmunster.
