August 21, 2012

 

Bayer CropScience completes acquisition of AgraQuest

 
Press release

 

 

Bayer CropScience has completed its purchase of AgraQuest, Inc., a global supplier of innovative biological pest management solutions as all required transaction waiting periods have expired without objection from relevant competition authorities.

 

The acquisition of AgraQuest will boost Bayer CropScience's comprehensive range of integrated and sustainable crop solutions based on seeds, traits and combined chemical and biological crop protection including seed treatment to customers worldwide.

 

Biological pest management solutions, often also referred to as Green Products, will play a significant role in propelling farming's future. Bayer CropScience plans to achieve EUR 3 billion (US$3.72 billion) in its fruits and vegetables business by 2020 - and AgraQuest will add further to this goal.

 
"This acquisition strengthens our strategically important fruits and vegetables business," Sandra Peterson, CEO of Bayer CropScience said. "The global market for Green Products is expected to increase significantly over the years to come and we see additional growth opportunities in all agricultural crops as well as for our Environmental Science business and for Bayer's Animal Health division."
 
"We are pleased to become part of Bayer CropScience and will continue to design new green technologies, now under the Bayer company umbrella," said Marcus Meadows-Smith, CEO of AgraQuest.


In July 2012, Bayer CropScience announced its plans to acquire AgraQuest, headquartered in Davis, California, USA for a purchase price of US$ 425 Million (about EUR 340 million) plus milestone payments. AgraQuest offers customers well-established Green Products available today in more than 30 countries and has a pipeline of new biological control agents.

 

Bayer CropScience, a subgroup of Bayer AG, plans to further invest in the R&D site in Davis, set to become a world class centre of expertise and excellence in Green Products. Furthermore, Bayer CropScience plans to expand existing manufacturing operations of Green Products at Tlaxcala site in Mexico.

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