Agri-nutrition firm Origin Enterprises has acquired a 20 per cent stake in Continental Farmers Group, a crop producer based in Poland and Ukraine, for €12 million.
In a statement Origin said the purchase would be funded through existing bank facilities and that it would appoint two representatives to Continental's board.
Tom O'Mahony, Origin chief executive said investment in Continental provides "geographic extension opportunities for Masstock," Origin's agronomy and farming systems advisory business, acquired earlier this year.
Origin said that concerns over global food security meant companies were increasingly looking at areas where output could be significantly raised and added that the "Ukraine is uniquely positioned in this regard".
IAWS is the majority shareholder in Origin which was spun-off and listed in June 2007, raising development capital of €100 million.
In a separate statement Origin announced the appointment of Declan Giblin as head of corporate development.
Origin shares opened flat this morning and at 8.08am were trading at €4.95. In the year-to-date Origin shares are up over 30 per cent, in sharp contrast with falls in most other Irish listed stocks.
At its current price the company has a market cap of €658.4 million.
