3 Oct, 2008 – Agrowill Group AB has completed its acquisition of fellow Lithuanian company Gruduva UAB for EUR 10 million.
Agrowill, the largest agriculture outfit in the Eastern European state, said it had purchased 97.28% of Gruduva’s shares.
Figures released by Agrowill said Gruduva had a net non-consolidated income of EUR 4.7 million and a net profit in 2007 of EUR 1.4 million. Agrowill said its new acquisition employs 117 people, owns a herd of 800 cows and produces almost 5,000 tonnes of milk annually.
Marija Leitoniene, of Finasta Corporate Finances said: “"This transaction proves that, despite all the talk about an economic slowdown in Lithuania and in the world, the agriculture sector remains a profitable investment with a growth potential."