June 25, 2010
Carr''s takes over two animal feed firms
Agriculture, food and engineering group Carr''s Milling Industries in the UK has acquired Scotmin Nutrition and A.C. Burn (Borthwickburn) from Buccleuch Country for GBP5.62 million (US$8.4 million) in cash.
Scotmin is a manufacturer and distributor of animal feed supplements, based in Ayr, Scotland, where it employs 41 people. It has been trading for over 31 years and is a major supplier to the Scottish market.
For the year ended 31 October 2009, Scotmin generated revenues of GBP8 million (US$11.97 million) and operating profit of GBP0.55 million (US$0.82 million).
Carr''s said the acquisition of Scotmin, for GBP4.82 million (US$7.21 million), will create one of UK''s leading feed and mineral block manufacturer and supplier which will be well placed to achieve growth in revenues and profits.
Feed sales company Borthwickburn, which is being acquired for GBP0.8 million (US$1.197 million), is engaged in the sale of animal feed and proprietary animal health products and trades from three locations, Jedburgh, Selkirk and Berwick.
The acquisition extends the number of retail branches operating in northern England and Scotland from 15 to 18.
For the year ended 31 October 2009, Borthwickburn generated revenues of GBP3.2 million (US$4.79 million) and operating profit of GBP28,000 (US$41,898.3).
Scotmin and Borthwickburn are expected to enhance the company''s earnings for the financial year ending 3 September 2011.