Bayer CropScience’ Nunhems acquires Korean vegetable seed company SeedEx
Acquisition of excellent germplasm pool for hot pepper and brassicas
Monheim, July 13, 2007 – Bayer CropScience announced today that Nunhems, its vegetable seed business, has completed the acquisition of the assets of the South Korean vegetable seed company SeedEx which specializes in the breeding, production and marketing of Hot pepper and Brassica varieties. Both crops belong to the most important vegetable crops in Asia in terms of acreage and consumption. The Korean authorities had approved the transaction. Financial terms were not disclosed.
The acquisition strengthens Nunhems’ business in the Asia/Pacific region offering access to new Asian markets as well as growth opportunities in other regions of the world. With both crops being strategic crops for Nunhems the germplasm and breeding activities of SeedEx ideally complement Nunhems’ portfolio. Furthermore, the acquisition will bring in specifically skilled and knowledgeable staff.
Mr. Douwe Zijp, Chief Executive Officer of Nunhems comments: “The acquisition of SeedEx is an important step to strengthen our market position in Hot Pepper and Brassica in Asia. The SeedEx team with its well recognized breeding competence and market know-how will be an excellent reinforcement of our global teams.”
Mr. Sang Gil Lee, Managing Director SeedEx comments: “I am proud that my team becomes part of a global specialist company in vegetables seeds. Nunhems will supply additional resources, practical expertise and know-how on biotechnological support for the creation of new varieties.”
The Bayer Group is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Bayer CropScience AG, a subsidiary of Bayer AG with annual sales of about EUR 5.7 billion (2006), is one of the world’s leading innovative crop science companies in the areas of crop protection, non-agricultural pest control, seeds and plant biotechnology. The company offers an outstanding range of products and extensive service backup for modern, sustainable agriculture and for non-agricultural applications. Bayer CropScience has a global workforce of about 17,900 and is represented in more than 120 countries. This and further news is available at: www.newsroom.bayercropscience.com.
The company’s vegetable seed business operates under the name of Nunhems. Nunhems® is the global specialist in vegetable seeds and sharing smart products, concepts and expertise with the professional horticultural production industry and supply chain. Its portfolio includes leading varieties and brands in crops such as leek, onion, carrot, melon, cucumber, tomato, watermelon, lettuce, pepper and chicory witloof. With annual sales of EUR 190 million in 2006, Nunhems is among the world´s four leading vegetable seed companies with an extensive rate of 28 species and some 2,500 varieties. With more than 1,200 people Nunhems is present in all major vegetable production areas in the world.
Find more information at www.bayercropscience.com.
This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer CropScience AG management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future consolidated results, financial situation, development or performance of the Bayer CropScience AG or our parent company, Bayer AG, and the estimates given here. These factors include those discussed in Bayer AG’s public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including Bayer AG’s Form 20-F). Neither Bayer AG nor Bayer CropScience AG assumes any liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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