AgFeed purchases several pig farms in China
China's AgFeed Industries, Inc. has signed agreements
to acquire majority ownership of several commercial pig farms located in south
China provinces. AgFeed anticipates these acquisitions will close by early May
AgFeed has agreed to pay, on average, less than 3 times projected 2008 net
income for these businesses.
The new acquisitions are expected to
generate approximately 390,000 in annual pig production for AgFeed. The
Company anticipates that this additional production will add approximately
250,000 pig sales to its 2008 revenues.
AgFeed previously provided
guidance indicating that it would achieve approximately 120,000 pig sales in
2008 from its currently existing pig farm operations.
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