PARIS May 23 France's largest cooperative group
InVivo said on Tuesday its Invivo Wine division had signed an
agreement to take over one of Europe's largest wine trading
houses, Netherlands-based Baarsma Wine.
The acquisition is a new step in InVivo's international
expansion in wine. It announced in March it was preparing to
establish a branch in North America, and earlier said it was
looking at the Asian market, notably China.
"With Baarsma, InVivo Wine will have more than 80 percent of
its activities internationally and hopes to have sales totalling
500 millions euros by 2020," Director General Bertrand Girard
said in a statement.
The sale, for an undisclosed amount, would be finalised in
early summer, InVivo said.
Baarsma Wine had sales of 210 million euros ($236 million)
last year and employs 250 people in the Netherlands, Belgium,
Britain, Switzerland and South Africa.
InVivo recorded sales of 6.4 billion euros in 2015/16. In
addition to agriculture and wine its activities include animal
feed and health, and consumer retail including garden centres.
($1 = 0.8890 euros)
(Reporting by Sybille de La Hamaide; editing by Jason Neely)