BASF Buys Crop Protection Firm Becker for $1 Billion

Thursday, 20 Sep 2012 10:49 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

BASF SE agreed to buy Becker Underwood for $1.02 billion as Chief Executive Officer Kurt Bock makes his first sizeable acquisition since taking the helm with a move into biological seed treatments.

BASF will create a business unit called Functional Crop Care to encompass the Ames, Iowa-based business, which is forecast to generate $240 million in sales in the year through September, the German chemical maker said in a statement. The price is equal to 4.25 times sales.

Becker will feed BASF’s plans to grow in biological crop care solutions as well as animal nutrition. The Ludwigshafen- based company is rejigging its portfolio to move away from commoditized products such as basic plastics. By contrast, demand for seed treatment is “rapidly growing” as farmers look to science to improve yields and fight pests, BASF said.

“Becker Underwood has a strong position in North America,’’ Markus Heldt, head of BASF’s crop-protection division said. “We will continue to expand this core business as we expand globally.”

Bock, who took over as CEO on May 6 last year, is handing investors BASF’s first billion-dollar acquisition amid months of speculation surrounding how he will use the company’s cash reserves.


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved