Acquisition Deal Will Strengthen Crop Protection Business
By Amanda Brodhagen, Farms.com
One of the world’s leading chemical companies – BASF Global has announced the purchase of Becker Underwood Inc. for $1.02 billion. With this new acquisition, BASF will be creating a new business unit that will focus on crop care. The company forecasts that this new unit will generate $240 million in sales within the year.
"We are impressed with Becker Underwood's ability to translate growers' needs into innovative, tailor-made solutions that can promote higher yields while conserving resources. Becker Underwood is to become part of BASF and we are excited that together with our new colleagues we can continue expanding our competencies. Particularly in the rapidly-growing seed treatment market, we will be able to develop innovative solutions for agriculture," said Dr. Andreas
The new purchase will help BASF diversify and expand their business into other areas such as biological crop care, animal nutrition and water resource management. There has been an increased demand for crop protection and utilizing biotechnology to develop solutions to disease and pest problems.
"Over the past years, Becker Underwood has established itself as an innovative provider of solutions for agriculture," emphasized Dr. Peter Innes, Chief Executive Officer of Becker Underwood. "Strengthened by the power of BASF's research capabilities as well as its existing portfolio of solutions, we will be able to develop and globally market new types of solutions for growers."