Primark and British Sugar owner Associated British Foods has agreed a \u00a348m deal to buy agritech business National Milk Records (NMR).<\/p>\n
The cash offer, which is 87% higher than last night’s closing share price, is already backed by shareholders controlling two-thirds of NMR.<\/p>\n
ABF is a \u00a317bn-turnover food and retail group with dozens of brands, including Twinings, Kingsmill, Ryvita, and Blue Dragon.<\/p>\n
Chippenham-based NMR was founded 80 years ago and today is a data and technology business focused on milk quality, herd health and genomic testing services. It also has sites in Wolverhampton, Harrogate and Glasgow.<\/p>\n
NMR will join ABF’s agriculture division, AB Agri, which already works with over 2,000 UK dairy farms.<\/p>\n
Trevor Lloyd, chairman of NMR, said: “ABF’s and AB Agri’s status within the UK agricultural sector and expertise in the dairy industry will provide a significant benefit to NMR’s customers.<\/p>\n
“The backing of ABF will accelerate and de-risk NMR’s ability to deliver its strategic objectives, streamlining industry processes by creating a holistic business that can provide end-to-end data and analysis to ensure the long term sustainability, efficiency and profitability of UK dairy.”<\/p>\n
Jos\u00e9 Nobre, chief executive of AB Agri, added: “NMR is a high-quality business which is extremely complementary and additive to our dairy strategy and offering to the dairy industry.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Bid secured by backing of two-thirds of shareholders<\/p>\n","protected":false},"author":18,"featured_media":4624,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,120781],"coauthors":[81],"class_list":["post-4622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-markets","tag-black-country","tag-featured-story","tag-north-yorkshire","tag-wiltshire"],"yoast_head":"\n