Greenyard announces it was able to close the disposal of its Horticulture segment well ahead of the end of its accounting year 2018/2019.
The Horticulture segment (including Mycoculture) was sold to Straco for total cash proceeds of EUR 120m. The Horticulture segment is active in Belgium, France, Poland and Ukraine in growing media and mushroom substrates, exporting to more than 60 countries with 14 facilities in Europe and Russia. Pursuant to the agreement, all operations and assets of the Horticulture segment were transferred to Straco.
The transaction was completed after obtaining the necessary regulatory clearances and approvals. Greenyard and the stand-alone Horticulture segment intend to continue their intense cooperation in the future in order to help growers to grow a healthy crop in a sustainable way.
As already announced, thanks to this transfer, the consolidated net financial debt position of Greenyard decreases with the total proceeds of the disposal, which is a step towards deleveraging the balance sheet to reach the new covenant of 4,25x (net financial debt/REBITDA) by March 2019.
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