Full tie-up comes after more than 30 successful years of partnership and growth, serving Greek farmers
TEL AVIV, Israel and ATHENS, Greece, May 28, 2020 /PRNewswire/ -- Alfa, founded in 1983 by Mr. Vasileios Paisios, has grown to become one of the leading providers of crop protection, fertilizers and seeds to Greek farmers. Alfa has served as ADAMA's representative in Greece for more than 30 years, and the companies have been strategic partners in the country since ADAMA's acquisition of a 49% stake in Alfa in 1993.
ADAMA and Mr. Paisios have entered into a series of agreements in terms of which ADAMA will acquire the remaining 51% stake that it does not already own in Alfa, while Alfa will divest its formulation and logistics operations to a new entity owned by the Paisios family. As a result, ADAMA will own 100% of Alfa's commercial business including its wholly owned subsidiary Agribul in Bulgaria, providing ADAMA's crop protection and other agriculture-related inputs to local farmers.
Bertrand Lombard, ADAMA's VP of Southern Europe, said: "After many successful years as ADAMA's partner, this transaction will finally bring Alfa fully into the ADAMA fold. With the support of Alfa's highly skilled team, ADAMA will further bolster its position and offering in this key market by driving the continued development of its value-added product portfolio, deepening Alfa's already strong relationships with local ag-input distributors, retailers and farmers, aiming at meeting the growing needs of farmers in Greece."
Vasileios Paisios, Alfa's Chairman and CEO, added: "I am proud of our accomplishments over the decades, thanks to our talented team and our many years of collaboration with ADAMA. ADAMA's global reach and broad product offering, combined with our team's strong local expertise are a recipe for continued growth in this region. I see this as the next logical step in the development of the company to advance and progress in the dynamic Greek crop protection market."
The transaction is expected to be completed within the coming weeks following the completion of customary closing procedures.
ADAMA Ltd. is a global leader in crop protection, providing solutions to farmers across the world to combat weeds, insects and disease. ADAMA has one of the widest and most diverse portfolios of active ingredients in the world, state-of-the art R&D, manufacturing and formulation facilities, together with a culture that empowers our people in markets around the world to listen to farmers and ideate from the field. This uniquely positions ADAMA to offer a vast array of distinctive mixtures, formulations and high-quality differentiated products, delivering solutions that meet local farmer and customer needs in over 100 countries globally. For more information, visit us at www.ADAMA.com and follow us on Twitter® at @ADAMAAgri.
Alfa Agricultural Supplies S.A. was founded in 1983 by Mr. Vasileios Paisios, and has grown to become one of Greece's leading providers of agricultural inputs. With a team of 85 employees, including 36 agronomists spread throughout Greece, the company offers a comprehensive product portfolio focused on the provision of high quality solutions and advice to the Greek farmer. Alfa's products (crop protection, seeds and fertilizers) provide solutions to most of crops in Greece. For more information, see www.alfagro.gr
Global Public Relations
SOURCE ADAMA Ltd.