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.
"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. "The combined talents and capabilities of Bayer CropScience and AgraQuest will serve to accelerate the market introduction of highly innovative customized solutions worldwide."
In July 2012, Bayer CropScience announced its plans to acquire AgraQuest, headquartered in Davis, California, USA for a purchase price of $425 million (about EUR 340 million) plus milestone payments.