Speciality chemical business Croda has purchased seed enhancement business Incotec in a Euro 155 million deal, inclusive of debt.
The deal is expected is to close on 4 December, 2015 with seed enhancement being identified as a key market opportunity for the company. Croda hopes to establish a broader, more innovative portfolio of products for its customers thanks to the acquisition.
Croda will invest further into Incotec to retain its identity and brand, which includes priming, disinfecting, film coating, encrusting and pelleting expertise and providing analytical quality testing.
Steve Foots, Chief Executive of Croda, said, “Incotec is a rare asset in a niche, high value, fast growing sector of the global crop market. With an experienced research and development led management team, Incotec brings differentiated market leading technologies, world class innovation and strong customer relationships. The combination with our own Crop Care business creates a strong and unique platform for future growth. We believe that our combined innovation strengths, together with our global sales reach, will enable us to be far more responsive in meeting the unmet needs of our customers today and tomorrow.”
Incotec has worked with vegetable seeds and field crops since 1968, with its products said to be able to help and enhance seed performance.