Irish agri-nutrition firm Origin Enterprises said today it would buy agronomy services provider Masstock Group Holdings.
Origin, which manufactures and distributes feed ingredients and food, said it would initially pay £26.3 million sterling (€35.5 million) for Masstock, which will help it exploit rising global demand for crops used for food and energy.
It will pay up to £10 million more if certain profit targets are achieved over the period to July 2012.
Origin, which was created to focus around the original core businesses of Irish food group IAWS, recorded a 10 per cent rise in operating profit in 2007.
Origin said it expected to complete the Masstock deal in early February 2008. Masstock generated turnover of £250.6 million in the year ended June 30th, 2007.