(MENAFN- ProactiveInvestors - Australia) Nufarm (ASX: NUF) is expanding the global platform of its Nuseed business with the acquisition of a 51% interest in Atlantica Sementes, a Brazilian business specialising in sorghum and sunflower seeds.
The company will acquire the interest at a cost of 25 million Brazilian reals (A$12.1 million).
Atlantica has administration, sales, marketing, production and testing capabilities in Brazil and a strong branded market presence.
The company employs 45 people with offices in Curitiba and Rio Verde, and has current annual sales of around 25 million Brazilian reals.
The majority stake in Atlantica will allow Nuseed to supply a number of existing hybrids through the Atlantica distribution network and will leverage other development programs in Australia, Argentina and the U.S.
Atlantica will have access to several new high value categories in the Nuseed pipeline including high sugar forage sorghum and high oleic sunflowers.
High sugar forage sorghum can be utilised by sugar cane ethanol plants seeking to improve year round feedstock efficiency, while high oleic sunflowers produce a highly functional low saturated fat sought by food manufacturers and restaurant chains.
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