The following was provided by a news release from DuPont Pioneer.
DuPont Pioneer and S&W Seed Company today announced an agreement for S&W Seed Company to acquire DuPont Pioneer alfalfa germplasm, as well as alfalfa production and research facility assets for a purchase price of up to $49 million over a period of several years.
The first portion of the sale is expected to be completed on Dec. 31, 2014, pending conditions to close, including financing.
Under the agreement, DuPont Pioneer will continue to sell Pioneer® brand alfalfa varieties to customers globally.
“This agreement is another step in the execution of our DuPont Pioneer business growth strategy,” said Paul E. Schickler, president, DuPont Pioneer. “The agreement further enhances our focus on innovative new offerings that drive profitable growth both today and over the long term.”
As part of the transaction, S&W Seed Company will acquire DuPont Pioneer alfalfa assets at DuPont Pioneer locations in Nampa, Idaho, and Arlington, Wis., and will extend offers of employment to alfalfa research and production employees.
“We’re pleased to acquire DuPont Pioneer’s alfalfa production and research assets to complement our product offerings and research programs dedicated to alfalfa,” said Mark Grewal, chief executive officer, S&W Seed Company. “We are excited about the opportunities that joining these two operations brings.”