CTB to Acquire Meyn Holding B.V.MILFORD, Ind., U.S.A., May 4, 2012 – CTB, Inc. (www.ctbinc.com) today announced that an agreement has been signed for the acquisition of Meyn Holding B.V., the parent company of Meyn Food Processing Technology B.V. (www.meyn.com), based in Oostzaan, the Netherlands. Meyn is a leading designer and manufacturer of poultry processing systems and equipment with customers in more than 90 countries worldwide and additional production facilities located in the U.S.A. and Poland. Terms of the transaction were not disclosed.
Founded in 1959, Meyn has been at the forefront of product innovation and development throughout its history, having introduced a large number of revolutionary innovations in the poultry meat processing industry. The company is widely recognized for its proven ability to support its customers in their ambition for higher capacity and increased yield and efficiency.
Victor A. Mancinelli, CTB president and chief executive officer noted that the acquisition joins together leading companies in two distinct sectors of the poultry industry. "Meyn is a great match for CTB," said Mancinelli. "Both companies are innovative in their approach, and both seek to partner with poultry companies to provide intelligent, forward-thinking solutions." Mancinelli added that the acquisition will provide CTB with the ability to offer global poultry companies with total solutions from grow-out through the eventual processing cycle.
Meyn's current structure will stay in place and Meyn will become a new business unit of CTB. Meyn's management team will also continue in their current roles.
"CTB is well-known in the poultry industry through its leading brands such as Chore-Time®, Fancom® and Roxell®," said Han Defauwes, president and chief executive officer of Meyn. "This is a good home for Meyn and its employees, and offers great resources and stability as part of the Berkshire Hathaway family of companies."
Bengt Maunsbach, Partner at Altor Equity Partners AB, the investment adviser to Altor 2003 Fund that divested Meyn to CTB said, "We are very pleased with how Meyn has developed and with the exceptional commitment of its management team and employees. As part of CTB, Meyn is well positioned to continue to develop innovative equipment and processing solutions for its customers and further strengthen its leading position."
The transaction is subject to applicable governmental approvals and Dutch works council advice. CTB was advised in the transaction by Loyens & Loeff N.V., Faegre Baker Daniels LLP and Sequoia.
CTB, Inc. is a leading global designer, manufacturer and marketer of systems and solutions for the poultry, pig, egg production, and grain industries. Its products and services are "Helping to Feed a Hungry World®" through improved efficiency and air quality management in the care of poultry and livestock as well as in grain storage, handling, conditioning and drying. Founded in 1952, CTB has been dedicated to "Leadership Through Innovation®" throughout its history. The company operates from multiple locations in various countries around the world and serves its customers through a worldwide network of independent dealers and distributors. The company became a wholly owned subsidiary of Berkshire Hathaway Inc. in 2002.