As part of efforts to strengthen its animal feed capabilities in West Africa, agribusiness leader, Olam Agri recently announced its acquisition of Senegal’s second largest poultry feed supplier, Avisen for US$18.4mn
Sharad Gupta, president of the Integrated Feed & Protein business at Olam Agri praised Avisen for the excellent reputation earned by the company in Senegal. “Combining Olam Agri’s global commodity sourcing networks, strong manufacturing and formulation expertise with Avisen’s local market knowledge will enable us to further improve the quality and cost efficiency of feed in the Senegalese market,” said Gupta.
According to him, continued strong growth is expected in the poultry sector and the attendant demand for high-quality feeds. With the aim of contributing to long-term food security, Olam Agri is committed to making necessary investments to grow the company’s feed volumes. In addition, this initiative will also enable farming communities to prosper.
Funding for the acquisition comes from a combination of existing cash and debt facilities and is expected to be earnings accretive from this year onwards.
For more information, visit: https://www.olamagri.com
