December 29, AB Linas Agro Group has received permission from the Office of Competition and Consumer Protection of Poland to acquire 100% shares of the company UAB Agro Logistic Service.
AB Linas Agro Group has the clearance from the Competition Council of the Republic of Lithuania for approval of the transaction. The company has applied to the Office of Competition and Consumer Protection of Poland just in case, as both companies operate in Poland.
UAB Agro Logistic Service is a trading company that successfully trades in Western European markets. It is a strategic partner of the previously acquired public company Kauno Grūdai in the feed materials trading business.
“We expected to have a favorable decision by the end of December, so this is good news for us. We plan to close the deal at the beginning of January. This company is important for us for the successful further development of trade in feed materials,” said Mažvydas Šileika, Chief Executive Officer of AB Linas Agro Group.
UAB Agro logistic service has 10 employees; its revenue exceeded 33 million euros in 2020. The company sells goods in the Czech Republic, Poland, Latvia, Estonia, Italy, Germany, Finland, Norway, Denmark, Russia, Belarus, Uzbekistan, and Tajikistan.
About AB Linas Agro Group
AB Linas Agro Group is the largest in terms of revenue group of companies in the Baltic States among those whose shares are traded on the Nasdaq Vilnius Stock Exchange. The group of companies operates in the production and trade of agricultural raw materials and food products and supplies goods and services to farmers. It has over 5,500 employees.
AB Linas Agro Group has 76 subsidiaries and three associates. The companies operate in the Baltic States, Ukraine, Poland, Russia, Belarus, the Netherlands, and the United Kingdom.
The group's financial year begins on 1 July. The consolidated revenue of the group for the financial year 2020/2021 amounted to EUR 942 million, and net profit was EUR 14.2 million.
In mid-July this year, AB Linas Agro Group acquired controlling stakes in AB Kauno Grūdai, AB Kaišiadorių Paukštynas, AB Vilniaus Paukštynas, and related companies. Following the acquisition, the Group's consolidated revenue for the three months of the financial year 2021/2022 grew by 84% and amounted to EUR 440 million, and net profit increased by 199% to EUR 12 million.
Additional information will be provided by:
Mažvydas Šileika, CFO of AB Linas Agro Group
Mob. +370 619 19 403