Vilmorin Buys Vegetable Seeds Firm Genica
Vilmorin, New Jersey, USA-based subsidiary of French seeds producer Limagrain, has acquired Genica Research Corporation, headquartered at Dixon, California, to secure the slot as world’s second-largest vegetable seed maker.
Purchase terms were not disclosed.
Reports said the company, which also sells vegetables, had previously been eyeing Syngenta's vegetable seeds business in the event that the Swiss agrochemicals giant was nailed down by Monsanto and forced to divest some assets and the price was right.
Genica specializes in research, breeding, production and distribution by delegation of hybrid vegetable seeds, primarily sweet and hot peppers, cucumber, summer squash and tomato.
The company with 50 employees reported sales of more than $25 million in 2015.
News agencies said the California firm’s 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 US.
Vilmorin CEO Emmanuel Rougier told analysts in a conference call that the outlook is also good for growing year 2015-2016.
