Cobb-Vantress Inc and Hendrix Genetics have signed a Memorandum of
Understanding to do the following:
(a) Form a Broiler Joint Venture in which Cobb-Vantress
acquires Hybro, the broiler breeding division of Hendrix, in exchange for
preferred stock. Terms of the proposed acquisition have not been disclosed.
(b) Start a Joint Development Agreement (JDA) involving
their respective Research & Development into livestock genetics.
(c) To investigate a possible Joint Venture in which part or
all activities may be combined in the future.
Completion of (a) the Broiler Joint Venture and (b) the Joint Development
Agreement is expected in the first half of 2008 and is subject to various
necessary consents, including workers council, board of directors, shareholders
and to the extent applicable, any other applicable approvals.
"Once our discussions started," comments Jerry Moye, president of
Cobb-Vantress, "it became clear that we share a very similar vision and
strategy. Combining the efforts of our R&D teams will make us more
efficient, and ultimately more successful."
Thijs Hendrix, president of Hendrix Genetics, adds: "With this alliance we
set foot on new land. Together we create a new platform with a new horizon in
animal breeding and life sciences".
Cobb-Vantress, based in the USA in
Siloam Springs, Arkansas is a leading supplier of broiler breeding stock and
technical expertise for the chicken meat industry. Cobb serves the world's
broiler industry in more than 90 countries with about 1,700 employees. www.cobb-vantress.com
Hendrix Genetics B.V.
Hendrix Genetics, headquartered in Villa "de
Körver", Boxmeer, the Netherlands, is a multi species breeding company, with 5
divisions: layer breeding, broiler breeding pig breeding, turkey breeding and
poultry distribution. Hendrix Genetics serves the global poultry and pork
industry in more than 100 countries, with wholly owned operations and joint
ventures across the world in 23 countries with about 1,500 employees. www.hendrix-genetics.com
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