Vilmorin (VILM.PA) has acquired Genica Research Corporation to boost its place as the second-largest vegetable seed maker after concluding Syngenta's activities were no longer for sale.
Genica Research Corporation, headquartered in California, specializes in research, breeding, production and distribution by delegation of hybrid vegetable seeds, mainly sweet and hot peppers, cucumber, summer squash and tomato.
Genica had sales of more than $25 million in 2015 and 50 employees. Vilmorin did not disclose the value of the takeover.
Vilmorin, whose shares had risen by 2.65 percent by 4 a.m. ET, sells both vegetable and crop seeds.
Its vegetable business has proved more profitable in recent years as crop seeds suffered from the financial crisis in Russia and Ukraine and sowings fell in Europe and the United States.
This was expected to continue in 2015-2016, Vilmorin Chief Executive Emmanuel Rougier said in a call with analysts, confirming an outlook given in October.
Latest from Produce Grower
- Happy holidays from the GIE Media Horticulture Group!
- Invest in silver
- VIDEO: Growing media for strawberries grown under different production systems
- Building the ‘Dream Greenhouse’
- Quality Horticulture announces expansion into U.S. from Canada
- Baptisia australis
- Breaking new ground
- AmericanHort accepting applications for HortScholars program at Cultivate'25
