August 21, 2012
Bayer CropScience completes acquisition of AgraQuest
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$3.72 billion) in its fruits and vegetables business by 2020 - and AgraQuest will add further to this goal.
In July 2012, Bayer CropScience announced its plans to acquire AgraQuest, headquartered in Davis, California, USA for a purchase price of US$ 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.