Royal DSM of the Netherlands has agreed to acquire Tortuga Companhia Zootécnica Agrária of Brazil for about €465 million in cash. Depending on 2012 EBITDA results, an adjustment increase in the purchase price up to about €490 million could be made. Tortuga makes nutritional supplements for pasture raised beef and dairy cattle. It has three production sites in Brazil and anticipated net sales of about €385 million for 2012. The size of the global market for nutritional supplements for ruminants is estimated well in excess of €4 billion, growing by around 3% per year with significantly stronger growth (7-10%) in organic trace minerals (chelates), according to DSM. Tortuga’s main business is in organic trace minerals. This is DSM’s seventh acquisition in the Nutrition cluster since it announced in September 2010 a corporate strategy to drive focused growth.
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