Croda International acquires seed enhancement business

Croda International has announced it will acquire Netherlands based independent seed enhancement company Incotec Group.

The FTSE 250 company announced the deal in a statement on Tuesday, which is valued at €155m (£109m) inclusive of debt.

Incotec develops and supplies a wide range of proprietary and sustainable technologies for both vegetable seeds and field crops.

Croda said seed enhancement has been identified as a key market opportunity for its Crop Care business, and through the acquisition the technical and formulation expertise of both companies will be further utilised.

Chief executive Steve Foots said its new acquisition is a rare asset in a niche, high value, fast growing sector of the global crop market.

“With an experienced research and development led management team, Incotec brings differentiated market leading technologies, world class innovation and strong customer relationships.

“The combination with our own Crop Care business creates a strong and unique platform for future growth.”

The acquisition is expected to complete at the end of the week.