09/06/2024 – 9:37
Camil Alimentos announced on Thursday (5) that the company’s CEO, Luciano Quartiero, has committed to acquiring 100% of Rice Paraguay from West Yorkshire Assets Corp. and, indirectly, an 80% stake in Villa Oliva Rice. These companies have rural properties, agricultural activities and industrial operations and assets related to the production, industrialization, processing and marketing of rice in Paraguay, Camil said in a statement.
After the transaction is completed, the companies will be reorganized to separate the industrial operations and assets related to the production, industrialization, processing and marketing of rice and the rural properties.
According to Camil, Quartiero also signed a memorandum of understanding with subsidiaries Saman and Camil Latam. In the memorandum, the executive established the intention to negotiate the sale of assets related to the industrialization, processing and marketing of rice to the subsidiaries.
“The acquisition is in line with the company’s strategy of continuing its international expansion, enabling the start of rice operations in the Paraguayan market, diversification and improvement of the competitiveness of the product’s origination,” said Camil.
The company said that its strategic plan does not include ownership of properties in rural areas, but that the full acquisition of the companies was necessary to comply with legal requirements in Paraguay.
Between the signing of the final documents and the conclusion of the transaction, the companies will continue to operate independently, Camil said.
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