ForFarmers strengthens position in Polish market through value chain integration

Core Viewpoint - ForFarmers is enhancing its position in the Polish poultry market through a joint venture with KPS, aiming for value chain integration and growth in the sector [2][3][9]. Joint Venture Details - ForFarmers will hold a 50.5% majority share in the new joint venture named ForFarmers Polska, while KPS will retain a 49.5% stake [2][9]. - The joint venture will merge KPS's poultry farms, slaughtering, and food processing activities with Tasomix's feed operations [2][3]. Strategic Importance - This move aligns with ForFarmers' strategy to strengthen its market presence in the growing Polish poultry sector and enhance value chain integration [3][4]. - The collaboration between ForFarmers and KPS is expected to leverage their combined strengths to effectively respond to market demands [4]. Financial Overview - The Enterprise Value (EV) of the joint venture is estimated at PLN 2,192 million (EUR 520 million), with KPS valued at PLN 1,500 million (EUR 356 million) and Tasomix at PLN 692 million (EUR 164 million) [8][9]. - KPS reported a turnover of approximately PLN 1,065 million (EUR 252 million) and an annual EBITDA of around PLN 195 million (EUR 46 million) for 2025 [5]. Operational Structure - The management team of the joint venture will include representatives from both ForFarmers and KPS [7]. - The current owners of KPS will remain actively involved in the joint venture, contributing to its operational and strategic direction [5][10]. Future Outlook - The transaction is expected to be completed in the third quarter of the year, pending approval from the Polish competition authority and ForFarmers' shareholders [11].