Bayer CropScience announced today that it has signed an agreement to purchase AgraQuest, Inc., for a purchase price of $425 million plus milestone payments. AgraQuest, headquartered in Davis, Calif., is a global supplier of biological pest management solutions based on natural microorganisms. This acquisition will enable Bayer CropScience to build a technology platform for green products and to strengthen its fruits and vegetables business, while also opening new opportunities in other crops and markets. Green products control a broad spectrum of pests and diseases and offer farmers integrated pest management programs to minimize development of resistance and maximize crop yields. The acquisition is subject to approval by the relevant authorities.
“The growing fruits and vegetables market, which today accounts for more than 25 percent of our sales, is of strategic importance for us. We plan to achieve EUR 3 billion sales in this segment by 2020 and with the acquisition of AgraQuest we are underlining our growth ambitions,” said Sandra Peterson, CEO of Bayer CropScience, sending a strong signal to the market. “We are the first in our industry to offer farmers a truly comprehensive range of integrated crop solutions based on seeds, traits and combined chemical crop protection and biological control,” she added.
To read the full press release from Bayer Cropscience, click here.