The acquisition will strengthen the company's global soybean seed business.
Bayer CropScience announced last week that it entered into an agreement to purchase the start-up company FN Semillas S.A. based in Buenos Aires, Argentina. FN Semillas S.A. specializes in producing soybean seed in Argentina.
Since its establishment in 2010, FN Semillas S.A. has built up a solid presence in the Argentine market. "Soybean is a strategic crop for the region and for Bayer CropScience, and this acquisition gives us access to quality germplasm for future variety and trait development," said Marc Reichardt, Head of the Region Latin America for Bayer CropScience.
For Bayer CropScience, this acquisition is another step in building its global soybean seed platform. Over the past three years, the company announced a series of acquisitions in Brazil, including the germplasm bank of Agropastoril Melhoramento, the soybean seed companies Wehrtec and SoyTech, and the plant breeding technology of CVR.
Soybeans are produced on 30 million acres of land in Argentina and soy products are one of the country’s top exports.
The acquisition will be filed for clearance before the Antitrust Authority in Argentina.