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Adama buys 10% of Romanian agricultural products distributor Agricover
Oct. 29, 2019
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RomaniaAdama said last week it has acquired 10% of Romanian agricultural inputs distributor Agricover, a subsidiary of Agricover Holding.
Following the transaction, Agricover Holding holds 86.75%, Adama owns 10%, and minority shareholders hold 3.25% of Agricover, the two companies said in a joint press release.
"We are continuing our strategy and accessing specialised know-how for each line of business by developing strategic partnerships, this time in the area of distribution of agricultural inputs, as Adama is one of the recognized global leaders in the production of agricultural crop protection products," Agricover Holding general manager Liviu Dobre said.
Adama general manager for Romania and Poland Dimitrios Drisis has been appointed member of Agricover's board of directors.
"We are pleased to strengthen the connection with one of the most important companies in agribusiness in Romania. We will work with Agricover to exchange knowledge and good practices, in order to support and modernize Romanian agriculture with new products and services," Dimitrios Drisis said.
With 19 years of experience in Romanian agriculture and over 1,000 employees, the Agricover Holding supports more than 5,700 farmers through its two main subsidiaries Agricover SA and Agricover Credit IFN. In 2017, the European Bank for Reconstruction and Development (EBRD) acquired a 13% stake in the holding.
Adama employs more than 7,000 in 100 countries.
Source: SeeNews
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