CTB to acquire stake in Danish processing equipment providerCTB to acquire stake in Danish processing equipment provider
Acquisition will help CTB broaden range of poultry processing offerings.
September 6, 2016
CTB Inc. announced Sept. 6 that it has signed an agreement to acquire a majority share in Cabinplant A/S. The company is headquartered in Haarby, Denmark, west of Copenhagen, and also has subsidiaries in Poland, Germany, Spain and the U.S. It employs close to 300 people and has representatives in more than 30 countries worldwide. Terms of the transaction were not disclosed.
Cabinplant processing and weighing equipment is used in a wide range of businesses, including the fish and shellfish, fruit and vegetable and poultry industries.
“The acquisition helps CTB to broaden the range of poultry processing options it can offer its customers as well as expanding into new market areas for processing, such as seafood and vegetables,” CTB chairman and chief executive officer Victor Mancinelli said. “Cabinplant’s knowledge of the food industry and its innovative approach to product development and implementation fit very well with CTB’s approach to its core markets.”
Cabinplant co-owner and CEO Ralf Astrup and co-owner and chief financial officer Jan Helskov Hansen will continue in their current leadership positions. Operations will remain in the existing facilities.
Commenting on the acquisition, Astrup and Hansen noted that they look forward to CTB’s involvement in the business.
“Jan and I are delighted to collaborate with such a well-known and respected global company,” Astrup said. “We look forward to tremendous opportunities for continued growth and expansion as one of the CTB companies.”
Completion of the transaction is subject to applicable governmental approvals.
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