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LIC to increase its investment in UK agribusiness
New Zealand-based dairy farmer-owned co-operative, Livestock Improvement Corporation (LIC), is increasing its investment in National Milk Records PLC (NMR), the leading supplier of farm management recording services in the United Kingdom, to nearly 20%.
The acquisition of another 17.2%, to add to the 2.6% stake held through its UK subsidiary business, Livestock Improvement Corporation (UK) Limited, will take LIC’s total shareholding of NMR to an equity stake of 19.8%.
The publicly-listed company, NMR, which provides tools to manage cow production, health and fertility to UK and Irish dairy farmers, also offers herd testing, diagnostics, dairy software, dairy genetics and animal traceability, much like LIC in New Zealand.
LIC Europe general manager, Mark Ryder, says the increased investment aligns with the co-op’s strategy to focus on key international markets that will drive innovation and add value for shareholders.
“The United Kingdom is a key market for LIC, and NMR is a key player in that market,” he says. “The investment reinforces LIC’s commitment to the UK dairy industry and NMR’s work closely aligns with what we do. This partnership has potential to deliver more value and innovation across the board.
“LIC has a longstanding relationship with NMR, since purchasing the original stake in 2003. It recently approached us with an offer to increase our stake and the LIC Board agreed it is a good investment on behalf of our shareholders.”
As part of the agreement, the two companies will now work together to deliver mutual benefits, including greater integration of LIC and LIC Automation into the UK dairy industry, he said.
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