Genushas acquired the intellectual property rights ofIrish pig genetics specialist Hermitagein a bid to expand its presence in Europe.

As part of the deal, Genus,which breeds and sells genetically superior pigs and cows and offerssperm and artificial insemination servicesto livestock producers around the world, has bought Hermitage's genetics technology and access to itsoperations in Russia, the US and several European countries.

Karim Bitar, chief executive of Genus, said the rationale behind the deal was to strengthen Genus's presence in the European pig genetics business, where it currently has an 11pc share of the market, and to leverage Hermitage's extensivesupply chain and distributionoperations.

"Hermitage will increase our market share by three percentage points," he said. "The acquisition will allow us to combine all of our genetic rights and IP with theirs. They are a formidable operator."

The news came as Genus reported an 18pc rise in sales to 222.1m in the six months to the end of December. The surge in revenues was largely thanks to exchange rate movements. Excluding the effects of currency, sales actually grew by 3pc.

See the original post:
Genus acquires Irish pig genetics company as it eyes European expansion - Telegraph.co.uk