AgFeed to buy more farms in China
Animal-feed and pork company AgFeed Industries Inc agreed to buy four pig farms in South China, and plans to acquire at least five to 10 others before the end of 2008.
AgFeed, which has its main operations in China, said all its pig farm acquisitions are immediately accretive to earnings. It expects the acquisitions in South China to close in early September. Earlier this month, AgFeed more than doubled its second-quarter profit that topped analysts’ estimates, helped in part by higher pig sales due to newly acquired farms.