Origin Enterprises has announced the acquisition of Greentech Ltd, a UK-based manufacturer and distributor of landscaping, forestry and grounds maintenance equipment for an undisclosed sum.
Origin said the bolt-on acquisition would enhance its existing amenity businesses and offer new opportunities in the area of environmental land management and biodiversity enhancement for the group’s core agribusiness.
“Green-tech is an excellent strategic fit for Origin and extends our Amenity offering in the UK in a segment we expect will grow further in the coming years. We are delighted to welcome the Green-tech team to the Origin Group,” said Origin chief executive Sean Coyle.
Earlier this week, Origin reported half year operating profits of just over €2m, which was a marked improvement on the €7.2m operating loss it made a year previous. The group reported a 5% decline in half year sales to €572m, which was mostly due to unfavourable currency movements.
With crop plantings in its core markets of Ireland, the UK and Eastern Europe set to increase this year, Origin is forecasting “good growth” in profits for its full financial year.