Purina Mills, Inc., the No. 3 feed producer in the U.S., became a part of Land O’Lakes, Inc., on Wednesday.
Purina Mills shareholders approved the $230 million acquisition by Farmland Feed LLC, a unit of Land O’Lakes, Inc., by a vote of about 67 percent of the outstanding shares.
The purchase is expected to add more than $800 million in sales annually to Land O’Lakes. However, the Arden Hills, Minn.-based feed cooperative also will assume about $130 million of Purina Mills’ debt.
The deal is expected to close by the end of September.
Reuters
Land O’Lakes buys Purina Mills
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