PIC, Genus's porcine division, will acquire the genetic rights and intellectual property of Hermitage. Hermitage will also become a strategic supply chain and distribution partner for PIC. In addition, PIC will acquire certain Hermitage customer relationships in various geographies including Russia, the US and several European countries. The transaction is subject to a number of closing conditions which are expected to be fulfilled by the end of March 2017.

The partnership combines PIC's genetics expertise and quality, and Hermitage's supply chain network and operational excellence. This combination will strengthen PIC's ability to deliver genetic improvement in Europe and provide customers of both PIC and Hermitage with access to top-tier genetics and optimal technical and health services.

Hermitage was established in 1958 in Ireland and is one of the longest established porcine breeding and genetics companies in Europe. Over the years, Hermitage has grown into a multinational porcine breeding company serving pig producers in Europe and other international markets with high-health breeding stock. Hermitage's infrastructure includes nucleus farms and boar studs in Ireland and across Europe, as well as multiplication partners in key international territories.

Commenting on the transaction, Karim Bitar, Chief Executive of Genus, said: "The partnership with Hermitage is an ideal fit with our porcine strategy. It will provide Genus with the opportunity to accelerate genetic improvement by combining the PIC and Hermitage gene pools. In addition, Hermitage's strong supply chain and customer-service oriented team will strengthen our ability to serve pig producers efficiently and reliably."

Ned Nolan, owner of Hermitage, added: "This is an exciting step for Hermitage, as we join forces with a global pioneer in our field. Our partnership with PIC will allow the continued use of the Hermitage gene pool to provide enhanced genetics to our global customer base. Hermitage shares PIC's values of pioneering genetic improvement for customers and we look forward to collaborating with PIC's team."