Novozymes acquires EMD/Merck Crop BioScience
On 20 December 2010 Denmark-based bioinnovation company Novozymes A/S signed a definitive agreement to acquire EMD/Merck Crop BioScience Inc. from Merck KGaA for $275 million (€209.4 million).
The agreement is subject to customary regulatory approvals. The transaction is expected to close between February and May 2011. The total sum is to be paid to Merck KGaA, subject to customary post-closing adjustments.
EMD/Merck Crop BioScience has had an average annual growth rate of roughly 15% over the last seven years, and expected sales in 2010 are roughly $60 million.
Future expected sales growth supports Novozymes’ long-term expectations of more than 10% annual organic sales growth. EMD/Merck Crop BioScience is also profitable company with EBIT margins supportive of Novozymes’ long-term expectations of more than 20%.
‘The acquisition of Crop BioScience strengthens our global position in the growing industry for agricultural biologistics providing products that enhance the natural growth and yield of crops,’ said Steen Riisgaard, CEO of Novozymes. ‘We have found in Crop BioScience a company that has a strong strategic fit with our existing BioAg business.’
The agreement is subject to customary regulatory approvals. The transaction is expected to close between February and May 2011. The total sum is to be paid to Merck KGaA, subject to customary post-closing adjustments.
EMD/Merck Crop BioScience has had an average annual growth rate of roughly 15% over the last seven years, and expected sales in 2010 are roughly $60 million.
Future expected sales growth supports Novozymes’ long-term expectations of more than 10% annual organic sales growth. EMD/Merck Crop BioScience is also profitable company with EBIT margins supportive of Novozymes’ long-term expectations of more than 20%.
‘The acquisition of Crop BioScience strengthens our global position in the growing industry for agricultural biologistics providing products that enhance the natural growth and yield of crops,’ said Steen Riisgaard, CEO of Novozymes. ‘We have found in Crop BioScience a company that has a strong strategic fit with our existing BioAg business.’
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