26 June 2017
LIC increasing its investment in UK agribusiness
LIC is increasing its investment in National Milk Records PLC (NMR), the leading supplier of farm management recording
services in the United Kingdom.
The farmer-owned co-operative currently holds a 2.6% stake through its subsidiary business, Livestock Improvement
Corporation (UK) Limited. The acquisition of another 17.2% will take LIC’s total shareholding of NMR to an equity stake
NMR is a publicly listed company which provides tools to manage cow production, health and fertility to UK and Irish
dairy farmers. Similar to LIC in New Zealand, NMR also offers herd testing, diagnostics, dairy software, dairy genetics
and animal traceability.
LIC chief executive Wayne McNee says the increased investment aligns with the co-op’s strategy to focus on key
international markets that will add value for shareholders.
“The United Kingdom is a key market for LIC and NMR is a key player in that market.
“Its work closely aligns with what we do, and this partnership has potential to deliver more value to our shareholders
in New Zealand.
“LIC has a longstanding relationship with the company, since purchasing the original stake in 2003. It recently
approached us with an offer to increase our stake and the LIC Board agreed it is a good investment on behalf of our
As part of the agreement, the two companies will now work together to deliver mutual benefits, including greater
integration of LIC and LIC Automation into the UK dairy industry, he said.