AgroFresh Closes Acquisition of Controlling Interest in Tecnidex
December 01 2017 - 12:59PM
Business Wire
AgroFresh Solutions, Inc. (NASDAQ: AGFS), a global leader in
produce freshness solutions, today announced that it had closed its
previously announced agreement to acquire a controlling interest in
Tecnidex, a leading provider of post-harvest fungicides, waxes and
biocides for the citrus market. The transaction is immediately
accretive and expands AgroFresh’s industry-leading post-harvest
presence into new crops, and also increases its penetration of the
produce market in Latin America, southern Europe, and Africa.
Jordi Ferre, Chief Executive Officer of AgroFresh, said, “With
its 37-year record of success primarily in the Mediterranean citrus
market, Tecnidex accelerates our crop diversification strategy,
reduces our seasonality and immediately adds to our earnings. In
addition, the company brings a strong portfolio of fungicides,
waxes and sanitizers to AgroFresh that further diversifies and
broadens our product portfolio. Like AgroFresh, Tecnidex has a long
legacy of innovation through research and development, and we
expect our combined expertise to yield exciting new technical
advances. We are very excited that Tecnidex will be joining
AgroFresh, the first of what we expect to be an active acquisition
program as part of our overall growth strategy.”
AgroFresh: advancing the future of freshness.
About AgroFresh
AgroFresh Solutions, Inc. (NASDAQ: AGFS) is a global industry
leader in providing innovative data-driven specialty solutions
aimed at enabling growers and packers of fresh produce to preserve
and enhance the freshness, quality and value of fresh produce and
to maximize the percentage of produce supplied to the market
relative to the amount of produce grown. Its flagship product is
the SmartFresh™ Quality System, a freshness protection technology
proven to maintain firmness, texture and appearance of fruits
during storage and transport. SmartFresh is currently
commercialized in over 40 countries worldwide. Additionally the
company has a number of different solutions and application
technologies that have either been launched (Harvista, RipeLock,
LandSpring) or will be launched in the future that will extend its
footprint to other crops and steps of the global produce supply
chain. For more information, please visit www.agrofresh.com.
Forward-Looking Statements
In addition to historical information, this release may contain
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical facts, included in this release that
address activities, events or developments that the Company expects
or anticipates will or may occur in the future are forward-looking
statements and are identified with, but not limited to, words such
as “anticipate”, “believe”, “expect”, “estimate”, “plan”,
“outlook”, and “project” and other similar expressions (or the
negative versions of such words or expressions). Forward-looking
statements include, without limitation, the Company’s possible or
assumed future results of operations, including all statements
regarding anticipated future growth, adoption of the Company’s
products, business strategies, competitive position, industry
environment, potential growth opportunities and the effects of
regulation. These statements are based on management’s current
expectations and beliefs, as well as a number of assumptions
concerning future events. Such forward-looking statements are
subject to known and unknown risks, uncertainties, assumptions and
other important factors, many of which are outside the Company’s
management’s control that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks include, without limitation, the risk that
our proposed acquisition of Tecnidex may not yield the results
expected; the risk of increased competition; the ability of the
business to grow and manage growth profitably; changes in
applicable laws or regulations, and the possibility that the
Company may be adversely affected by other economic, business,
and/or competitive factors. Additional risks and uncertainties are
identified and discussed in the Company’s filings with the SEC,
which are available at the SEC’s website at www.sec.gov. The
Company undertakes no obligation to publicly update any
forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171201005606/en/
AgroFresh Solutions, Inc.Investor RelationsKatherine
HarperKharper@AgroFresh.com
AgroFresh Solutions (NASDAQ:AGFS)
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