Pioneer Purchases Three Seed Companies
DuPont has entered into agreements to acquire AgVenture, Kentland, IN; Hoegemeyer Hybrids, Hooper, NE; and NuTech Seed, Ames, IA as part of its Pioneer Hi-Bred business’ PROaccess strategy. Closings are scheduled to occur in the latter part of 2010. Terms were not disclosed.
“We have unique agreements with each of our PROaccessSM distributors,” says Paul E. Schickler, president – Pioneer Hi-Bred. “For these three seed companies, solidifying our relationship through acquisition will improve their ability to serve their customers’ needs.”
The innovation breadth and depth of Pioneer research and development will strengthen the already robust businesses and customer relationships of AgVenture, Hoegemeyer Hybrids, and NuTech Seed. The companies have exciting growth opportunities reachable by expanding product choices for growers in geographies where they operate.
“The PROaccessSM strategy continues to be part of our ongoing commitment to expand the availability of Pioneer‘s unique, elite seed genetics using Pioneer-owned brands distributed through alternative routes to market. Ultimately, this will result in growers having more choices for high-performing products to increase their yields and income,” Schickler says.
The three seed companies will continue to sell products under the Pioneer-owned trademarks following closing:
- AgVenture – VPMaxx brand corn hybrids and soybean varieties.
- Hoegemeyer Hybrids – HPT brand corn hybrids and soybean varieties.
- NuTech Seed – G2 brand corn hybrids and soybean varieties.
“These three companies are well-regarded and have strong histories of providing valuable solutions,” Schickler says.“Over the past two seasons, grower demand for corn hybrids and soybean varieties distributed under the Pioneer-owned trademarks VPMaxx, HPT, and G2 demonstrates that growers want a diverse line of genetics and expanded product choices. We will continue to use our extensive germplasm base to bring unique and regionally adapted products for this channel.”