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Aug. 19, 2011 /PRNewswire/ -- ADECOAGRO S.A. (NYSE:AGRO, Bloomberg:
AGRO US, Reuters. AGRO.K), one of the leading agricultural companies in
South America, announced today that in line with its growth strategy, it has acquired 100% of the common shares of Compania Agroforestal de Servicios y Mandatos S.A., a company which owns a 4,960 hectare farm named "El Colorado", located in the region of Bandera, in the province of
Santiago del Estero,
Argentina, for a total price of
US$18.0 million. The transaction is subject to anti-trust approval.
El Colorado is an attractive opportunity for Adecoagro to continue generating value through the transformation of farmland and expanding its production of agricultural commodities.
Based on initial estimates, El Colorado has approximately 2,411 hectares currently used for planting crops (including soybean, corn, wheat and sunflower) and an additional 1,820 hectares used for cattle grazing activities with potential for crop production. Adecoagro plans to transform the hectares currently used for cattle grazing and put them into crop production during the 2011/12 harvest season. As a result, Adecoagro expects this acquisition to expand its planted area during the 2011/12 harvest year by approximately 3,000 hectares.
For more information please contact Investor Relations:
email@example.com or +5411 4836-8651
Adecoagro is a leading agricultural company in
South America. Adecoagro owns over 283 thousand hectares of farmland and several industrial facilities spread across the most productive regions of
Uruguay, where it produces over 1 million tons of agricultural products including corn, wheat, soybeans, rice, dairy products, sugar, ethanol and electricity among others.
SOURCE Adecoagro S.A.