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DOW AGROSCIENCES ACQUIRES BRAZILIAN SEED CORN COMPANY
Aug. 2, 2007
Source: PRNewswire
Dow AgroSciences, a wholly owned subsidiary of The Dow Chemical Company , announced today that it will substantially expand its Brazilian corn seeds business with the acquisition of Agromen Tecnologia Ltda.
"The acquisition of this premier seeds business reflects Dow's commitment to grow its Agricultural Sciences activities globally. This is another example of Dow's commitment to pursuing strategic investment opportunities that drive value growth in the Company's downstream performance businesses and in rapidly growing geographies," said Jerome Peribere, Dow AgroSciences president and chief executive officer.
"The expanded seed platform that we are building with both this acquisition and the recent acquisition of assets of the Europe-based corn germplasm provider Maize Technologies International will enable us to leverage superior Dow and Dow AgroSciences input and output traits in key crops around the world, for both agricultural and industrial uses," Peribere noted.
The agreement includes all commercial, production, and research and development assets of the corn seeds business of Agromen, a Brazilian company with 35 years of operations and a solid base of hybrids for Brazilian agriculture.
Brazil is the third largest corn-planting nation in the world. Agromen will provide new opportunities for sales of Herculex(TM) Insect Resistance corn, now awaiting Brazilian regulatory approvals. Dow AgroSciences' Brazilian corn seed business has shown steady growth in recent years due to new, highly performing hybrids, and Agromen will make the Company a more effective competitor in this important agricultural sector.
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