16 August 2012 10:48 [Source: ICIS news]
LONDON (ICIS)--Bayer CropScience, a subgroup of Germany-based chemicals major Bayer, has completed the acquisition of US-based biopesticide producer AgraQuest, the company said on Thursday.
In July, Bayer CropScience announced its plans to buy AgraQuest, headquartered in Davis, California, for around $425m (€344m).
"This acquisition strengthens our strategically important fruits and vegetables business," Sandra Peterson, CEO of Bayer CropScience said.
"The global market for green products [biopesticides] 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," Peterson added.
Bayer CropScience plans to achieve €3bn ($4bn) in its fruits and vegetables business by 2020, with AgraQuest adding further to this goal.
The company added that it will further invest in the research and development site in Davis, and also plans to expand existing manufacturing operations of green products at its Tlaxcala site in Mexico.
($1 = €0.81)
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