Vilmorin & Cie signed an agreement to purchase two South American companies, Sursem and Geneze, which were previously part of the Pampa Agribusiness Investment Fund. Sursem is located in Argentina and Geneze in Brazil. Both companies are dedicated to the research, production and sale of corn, wheat, sunflower and soybean seeds, with a main focus on corn.
They have four research stations, two production units and a broad commercial distribution network. Last year they reached revenues of 40 million dollars and employ more than 160 people.
In Argentina, with the acquisition of Sursem, Limagrain South America, which has invested in research since 2010 (corn, wheat and sunflower), will strengthen its market presence, significantly expanding its research, production and commercial structure and immediately gaining access to commercial positions in corn, wheat and sunflower. Argentina has the fourth largest corn seed market in the world and is a relevant market for temperate corn germplasm, complementary to our genetic resources in Europe, North America and South Africa. In addition, with this transaction, Vilmorin & Cie will consolidate its market share in Brazil.
This acquisition, which is part of Vilmorin & Cie's global growth strategy, marks a major milestone in the internationalization of the Limagrain group's Field Seeds division, significantly strengthening its current organization and commercial positioning in the most important crops in South America.
These two companies will be integrated into the Limagrain South America business unit, which posted sales of approximately 55 million euros in fiscal year 2017-2018, mostly in Brazil.
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