LIC increasing its investment in UK agribusiness

26 June 2017

LIC increasing its investment in UK agribusiness

LIC is increasing its investment in National Milk Records PLC (NMR), the leading supplier of farm management recording services in the United Kingdom.

The farmer-owned co-operative currently holds a 2.6% stake through its subsidiary business, Livestock Improvement Corporation (UK) Limited. The acquisition of another 17.2% will take LIC’s total shareholding of NMR to an equity stake of 19.8%.

NMR is a publicly listed company which provides tools to manage cow production, health and fertility to UK and Irish dairy farmers. Similar to LIC in New Zealand, NMR also offers herd testing, diagnostics, dairy software, dairy genetics and animal traceability.

LIC chief executive Wayne McNee says the increased investment aligns with the co-op’s strategy to focus on key international markets that will add value for shareholders.

“The United Kingdom is a key market for LIC and NMR is a key player in that market.
“Its work closely aligns with what we do, and this partnership has potential to deliver more value to our shareholders in New Zealand.

“LIC has a longstanding relationship with the company, 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.

ENDS

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