Origin Enterprises Disposes of Marine Proteins and Oils Interests

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Origin Enterprises Disposes of Marine Proteins and Oils Interests

Origin Enterprises Disposes of Marine Proteins and Oils Interests
July 04
11:04 2013

Origin Enterprises, the agri-services group, has agreed to dispose of its 50% interest in its Marine Proteins and Oils joint venture, Welcon Invest, to its joint venture partner Austevoll Seafoods for a cash consideration of NOK740 million (Eur93 million). The transaction is subject to a number of conditions including clearance from Competition Authorities and is expected to complete during the first half of our 2014 financial year.

Origin and Austevoll formed the Welcon joint venture in February 2009 following the merger of their respective Irish, UK and Norwegian fishmeal and fish oil operations, creating a European player in the manufacture and distribution of marine based feed ingredients.

Origin’s share of profit after interest and tax from Welcon averaged Eur8.4 million for the three years to 31 July 2012. Share of net assets at 31 January 2013 amounted to approximately €68 million.

The proceeds from the disposal will be used ultimately for investment in Origin’s core agri-services business. The agri-services business through its manufacturing and distribution operations in Ireland, the United Kingdom and Poland has leading market positions in the supply of specialist agronomy services, crop nutrition and feed ingredients.

Origin chief executive Tom O’Mahony says: “The transaction represents an important streamlining of Origin’s business profile in line with our commitment to prioritise the allocation of capital for the expansion and development of the group’s Agri-Services business. This is also a good outcome for Welcon. Austevoll’s position and proven track record as a leading integrated pelagic fishery specialist will bring further benefits to Welcon under their full ownership.”

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