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Bayer AG. (6/1/15). "Press Release: Bayer CropScience Acquires Vegetable Seed Company SeedWorks India Pvt. Ltd.". Monheim.
|Organisation||Bayer CropScience AG|
|Organisation 2||SeedWorks India Pvt. Ltd.|
|Index term||SeedWorks India–Bayer: investment, 201506 acquisition €na by Bayer CropScience|
|Person||Schneider, Joachim (Bayer 201201 SVP Growth +Strategy at Bayer CropScience before Head of BioScience Unit)|
|Person 2||Nukal, Balaji (SeedWorks India 201506 Managing Director)|
Purchase to underpin the company’s leading position in key Indian vegetable crops / Extended portfolio and expertise to respond to ever-rising needs of local growers
Bayer CropScience has announced the signing of an agreement to acquire SeedWorks India Pvt. Ltd., based in Hyderabad. The company is specialized in breeding, production, and marketing of hybrid seeds of tomato, hot pepper, okra and gourds. Financial terms were not disclosed.
SeedWorks India was founded in 1998 and has research and seed processing locations in Bangalore and Hyderabad respectively. The company employs 180 full-time employees and markets its seed under the US Agriseeds™ brand to growers across India. In fiscal year 2013/2014, the company generated sales of INR 1,035 million (EUR 12 million).
The purchase will strengthen Bayer CropScience’s vegetable seed business in India. “This is an excellent opportunity to underpin our leading market position in India in strategic crops like tomato, hot pepper and okra,” said Joachim Schneider, Head of Vegetable Seeds at Bayer CropScience. “We will be able to offer our customers an even broader choice of high-yielding hybrid seed varieties adapted to the country’s diverse and challenging growing conditions.”
“We are delighted by the opportunity to join the vegetable seed business of Bayer,” said Balaji Nukal, Managing Director of SeedWorks India. “The financial and technical resources of Bayer will further strengthen our ability to bring the highest quality seeds to our farmers, and the breadth of activity afforded by this affiliation will open a world of opportunity to our employees.”
“India is expected to become the world’s most populated country, passing China around 2028 and therefore faces a fast-growing demand for affordable food,” emphasized Schneider. “By strengthening our footprint in India’s vegetable seed sector, we aim to make a strong contribution to increasing the productivity and quality of important food crops and give our full support to the nation’s smallholder farming base.”
Closing of the acquisition is expected by beginning of July. Eventually, the operations of SeedWorks India will be integrated into the Bayer CropScience network, and existing and forthcoming varieties will be marketed under the company’s Nunhems™ brand.
About Bayer CropScience
Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech materials. Bayer CropScience, the subgroup of Bayer AG responsible for the agricultural business, has annual sales of EUR 9,494 million (2014) and is one of the world’s leading innovative crop science companies in the areas of seeds, crop protection and non-agricultural pest control. The company offers an outstanding range of products including high value seeds, innovative crop protection solutions based on chemical and biological modes of action as well as an extensive service backup for modern, sustainable agriculture. In the area of non-agricultural applications, Bayer CropScience has a broad portfolio of products and services to control pests from home and garden to forestry applications. The company has a global workforce of 23,100 and is represented in more than 120 countries. This and further news is available at: www.press.bayercropscience.com.
Find more information at www.bayercropscience.com.
A dutch version is available for download here
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer’s public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
Record changed: 2016-06-07
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