Specialty chemical company Crompton Corporation has agreed to sell its 50% share of the Gustafson seed treatment business in North America to Bayer CropScience for the purchase price of $124 million in cash.

The completed sale will give Bayer CropScience, which already holds a 50% share of the U.S. and Canadian Gustafson joint ventures, full ownership of Gustafson's North American seed treatment business.