Belgium bioscience manufacturer acquires global firm
Mach One Corp., a Belgium, Wis.-based biological solutions company, has reached terms to acquire Pacific Rim Foods Ltd., a multinational holding company with interests in energy, oil, and food production for $5 million in stock and convertible debentures. The transaction is expected to close next month.
With the acquisition, Mach One will gain increased financial stability, a strengthened balance sheet, a larger presence in the China market, Pacific Rim’s executive team and a larger presence in markets with strong financials.
"This acquisition directly supports our strategy of expanding our product suite throughout the world,” said Monte Tobin, chairman and chief executive officer of Mach One. Some of Pacific Rim Foods’ portfolio companies in China specialize in growing, canning and processing corn, where Mach One hopes to achieve significant future growth.
Joy Global declares dividend
Joy Global Inc.’s board of directors has declared a $0.175 quarterly dividend to be paid on Dec. 19 to shareholders of record on Dec. 5.