Irish group pays EUR 55 mln for two Romanian fertilizer distributors

Irish group Origin Enterprises will take over two Romanian companies that specialize in fertilizers and seeds distribution, making its entry in the local market. Origin will pay EUR 35 million for the Timisoara-based Redoxim and EUR 19.4 million for the Bacau-based Comfert. The two distributors had a cumulated turnover of EUR 155 million last year, and EUR 8.8 million in operating profits. Redoxim posted a EUR 53.6 million turnover and a EUR 5.6 million operating profit last year, with 190 employees. Comfert recorded a EUR 100 million turnover and EUR 3.2 million operating profit. It had 180 employees. The two Romanian companies serve some 3,900 customers. “Redoxim and Comfert represent an excellent strategic fit for Origin providing complementary expertise, meaningful geographic extension and strong brand reputation on-farm. The transactions underline Origin’s strategic priority to scale its technology and service portfolios in new markets with favorable agronomic application opportunity,” said Origin Chief Executive Officer, Tom O’Mahony. Origin currently has operations in the UK, Poland, and Ukraine. The Irish group had a turnover of EUR 1.4 billion in the fiscal year ended in July 2014. The company’s main shareholder is the Swiss firm Arytza, which holds a 29% stake. Austrian trader enters Romania’s agri market Romanian chemical fertilizer sells 66% of production locally Romanian fertilizer producer invests EUR 200 mln in new equipment editor@romania-insider.com