Novozymes bolsters bioagriculture proposition

Bioinnovation business Novozymes has increased its bioagriculture presence with a new acquisition.

It has signed a definitive agreement to acquire US-based bioagricultural company Natural Industries which has posted revenues of $5 million (€3.8 million).

‘I am excited to have the people and technologies of Natural Industries join our growing BioAg division.It will expand Novozymes’ position in the important biocontrol segment and improves our capabilities to grow our business in key US markets on high-value crops like fruits and vegetables,’ says executive VP of Novozymes and head of BioBusiness, Thomas Videbæk.

The financial terms of the agreement have not been disclosed, but it will not impact Novozymes financial guidelines for 2012.

A statement by Novozymes has the emerging bioagriculture market estimated to be worth about $1 billion with an annual growth rate between 10 and 15%.