(BRK.A), (BRK.B)
Berkshire Hathaway’s wholly-owned CTB, Inc. has signed an agreement for the acquisition of a majority share in Cabinplant A/S, one of the world’s leading manufacturers of processing equipment for vegetables and fish.
Cabinplant’s poultry processing equipment complements that made by CTB’s Meyn poultry processing subsidiary.
Cabinplant A/S has its headquarters in Haarby, Denmark, west of Copenhagen, as well as having subsidiaries in Poland, Germany, Spain and the United States.
Cabinplant employs close to 300 people and has representatives in more than 30 countries worldwide. It also works in close partnership with customers in major markets around the globe. Part of its expertise includes system customization achieved through close collaboration with its customers.
Cabinplant’s systems, which feature high yield and minimal waste, are used by companies that process seafood, fruits and vegetables, poultry and convenience foods.
CTB’s chairman and chief executive officer Victor A. Mancinelli said, “The acquisition helps CTB to broaden the range of poultry processing options it can offer its customers as well as expanding into new market areas for processing, such as seafood and vegetables. Cabinplant’s knowledge of the food industry and its innovative approach to product development and implementation fit very well with CTB’s approach to its core markets.”
Cabinplant was founded in 1969. Company co-owner and chief executive officer Ralf Astrup and co-owner and chief financial officer Jan Helskov Hansen will continue in their current leadership positions. Operations will remain in the existing facilities.
Completion of the transaction is subject to applicable governmental approvals.
© 2016 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.