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Genus
PLC sells SyAqua Brazil
By Suzi
Fraser
06/19/2006
Genetics
company, Genus plc, has announced the sale
of SyAqua Brazil to an MBO-led
team for US $6.0m (£3.25m) in cash,
which the company says approximates net
asset value.
For
the ten months ended 30 April 2006, SyAqua
Brazil generated turnover of £2.1m
and an operating profit of £0.3m before
research and development expense.
The company revealed its decision to divest
the loss-making shrimp business to concentrate
resources and investment on the much larger
bovine and porcine businessesin the Interim
Results, June 7, 2006.
Richard
Wood, Chief Executive, said "We
have moved swiftly to implement our strategy
for disposal. With Brazil now sold, we are
considering offers for the Mexican and Thai
shrimp businesses."
Source:
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