NZ Farming Systems Uruguay, the South American dairy unit of Singapore-based Olam International, which was established with the aim of establishing a diary business in Uruguay utilizing New Zealand farming techniques, has sold 7,771 hectares of farmland to Uruguayan interests for approximately US$53.7 million. NZ Farming Systems sold approximately 1,769 hectares in west Uruguay to farming group Nalmer Sociedad Anonima but will retain a lease for the next two years, and sold 6.002 hectares in east Uruguay to Galperin Group maintaining a lease-back on the land for 12 years with renewal by mutual consent. Olam moved from majority control of NZ Farming Systems Uruguay to full ownership in late 2012.
To receive relevant news stories with summaries provided by GAI Research & Insight, subscribe to Global AgDevelopments, our free weekly enhanced eNews service