Bayer CropScience and DuPont Crop Protection announced the signing of an agreement for Bayer to purchase certain DuPont Crop Protection Land Management assets in the United States, Canada, Mexico, Australia and New Zealand. Closing of the transaction is expected in the fourth quarter 2014, subject to customary regulatory approvals. Financial terms of the agreement were not disclosed.
This acquisition will enable Bayer's Environmental Science business unit to offer a comprehensive portfolio of products for effective weed control for Industrial Vegetation Management (IVM). Furthermore the company will gain access to the growing Forestry and Range & Pasture business segments in North America. Under the agreement, DuPont will continue to sell its Land Management products outside the United States, Canada, Mexico, Australia and New Zealand and its range and pasture products in Mexico and Latin America.
"We are a leader in the professional environmental science market globally and the planned acquisition underlines our ambition to further grow this position in the years to come, said Bayer CropScience CEO Liam Condon. "It allows us to provide our customers with first-choice solutions to protect and care for the environment in which we live, work and play. Keeping our railways, railroads and infrastructure clean and safe and forestry plantations more productive is part of our mission – Bayer: Science for A Better Life.
"This agreement is another step in the execution of our DuPont Crop Protection business growth strategy, said Rik Miller, president of DuPont Crop Protection. "We continue to focus on delivering our science and innovative new offerings to the market that drives profitable growth both today and over the long-term.