(RTTNews) – Bayer CropScience, a unit of German conglomerate Bayer AG, announced Monday the signing of an agreement to acquire based SeedWorks India Pvt. Ltd. based in Hyderabad, India. Financial terms were not disclosed.
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.
SeedWorks is specialized in breeding, production, and marketing of hybrid seeds of tomato, hot pepper, okra and gourds.
SeedWorks India, which has research and seed processing locations in Bangalore and Hyderabad, respectively, employs 180 full-time employees and markets its seed under the US Agriseeds brand to growers across India. In fiscal year 2014, the company generated sales of 1,035 million Indian rupees or 12 million euros.
The company said the purchase will strengthen Bayer CropScience’s vegetable seed business in India.
Joachim Schneider, Head of Vegetable Seeds at Bayer CropScience, said, “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. 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.”