German chemical and pharmaceutical company Bayer AG (BAYN.XE) said Wednesday its CropScience unit will acquire U.S.-based biological company AgraQuest for close to 500 million dollars.
-The purchase price is $425 million plus milestone payments.
-AgraQuest is a global supplier of biological pest management products based on natural micro-organisms.
-The purchase is to strengthen the group's fruit and vegetable business, which accounts for over 25% of sales for the unit.
-"We plan to achieve 3 billion euros in sales in this segment by 2020, and with the acquisition of AgraQuest we are underlining our growth ambitions," said Bayer CropScience Chief Executive Officer Sandra Peterson.
-AgraQuest's product portfolio includes well-established product brands such as Serenade, Rhapsody, Sonata and Ballad fungicides and Requiem insecticides, and will complement Bayer CropScience's products.
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500
(END) Dow Jones Newswires
July 04, 2012 01:08 ET (05:08 GMT)
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