28 November 2012 14:08 [Source: ICIS news]
LONDON (ICIS)--BASF has completed the acquisition of US-based biological seed treatment technology provider Becker Underwood from investment firm Norwest Equity Partners (NEP) for $1.02bn (€785m), the Germany-based chemicals major said on Wednesday.
BASF said the deal will strengthen its global crop protection business and help it become a leading provider of technologies for biological seed treatment and seed treatment colourants and polymers.
“The acquisition fits very well with our long-term growth strategy,” said Andreas Kreimeyer, member of BASF’s board of executive directors responsible for the Agricultural Solutions segment and research executive director.
BASF said a detailed integration plan will be developed in the coming months.
Most businesses of Becker Underwood will join BASF's newly established Functional Crop Care business unit which will become effective 1 January 2013, as part of the group's Crop Protection division.
Within this new unit, BASF will merge its existing research, development and marketing activities in the areas of seed treatment, biological crop protection, plant health, and water and resource management with those of Becker Underwood, it said.
In addition, Becker Underwood’s animal nutrition business will be integrated into BASF’s Nutrition & Health division, it added.
The Functional Crop Care unit will be headed by BASF senior vice president Juergen Huff.
Peter Innes, currently CEO of Becker Underwood, will act as global senior advisor to BASF’s Crop Protection division and help support the integration of Becker Underwood into BASF.
($1 = €0.77)
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