Bayer CropScience completes acquisition of AgraQuest

By CnAgri2012-08-17 12:18:05 Print

Bayer CropScience announced the completion of its purchase of AgraQuest, Inc., a global supplier of innovative biological pest management solutions. All required transaction waiting periods have expired without objection from the relevant competition authorities.

The acquisition of AgraQuest significantly boosts Bayer CropScience´s ability to make available to customers worldwide a comprehensive range of integrated and sustainable crop solutions based on seeds, traits and combined chemical and biological crop protection including seed treatment. 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 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. Additionally, it has a promising pipeline of new biological control agents. Bayer CropScience plans to further invest in the R&D site in Davis, which is intended to become a world class center of expertise and excellence in Green Products. Furthermore, Bayer CropScience plans to expand existing manufacturing operations of Green Products at Tlaxcala site in Mexico.