BASF to Buy Becker Underwood
On Sept., 20, BASF announced it plans to acquire Becker Underwood for a price of $1.02 billion.
The company, headquartered in Ames, Iowa, is one of the leading global providers of technologies for biological seed treatment, seed treatment colors and polymers, as well as products in the areas of biological crop protection, turf and horticulture, animal nutrition and landscape colorants and coatings.
Becker Underwood has 10 production sites worldwide and 479 employees.
BASF came to an agreement with Norwest Equity Partners (NEP) to acquire Becker Underwood which has been a portfolio company of NEP since 2004. The purchase is subject to approval by the responsible authorities and legal closing of the transaction is expected by the end of 2012.
“We are impressed with Becker Underwood’s ability to translate growers’ needs into innovative, tailor-made solutions that can promote higher yields while conserving resources. Becker Underwood is to become part of BASF and we are excited that together with our new colleagues we can continue expanding our competencies. Particularly in the rapidly-growing seed treatment market, we will be able to develop innovative solutions for agriculture,” said Dr. Andreas Kreimeyer, research executive director and member of BASF’s board of executive directors responsible for the Agricultural Solutions segment.
BASF’s Crop Protection division will create a strategic global business unit called Functional Crop Care. The unit will merge BASF’s existing research, development and marketing activities in the areas of seed treatment, biological crop protection, plant health, as well as water and resource management with those of Becker Underwood. Becker Underwood’s animal nutrition business will be integrated into BASF’s Nutrition & Health division.
“Becker Underwood has a strong position in North America. We will continue to expand this core business as we expand globally. Together we can sustainably create value for our customers,” said Markus Heldt, president of BASF’s Crop Protection division.
For additional information, please visit www.basf.com/group/corporate/en/