Davis-based pesticide and soil treatment company Marrone Bio Innovations, Inc. is purchasing a Finnish agriculture technology company in a deal worth $31.8 million amid rising revenues.
In a news release, Marrone Bio said it was buying Pro Farm, which specializes in technology meant to promote crop growth, for a value of $31.8 million, including $6.2 million in cash and $12.7 million in stocks.
This acquisition is an example of the kind of transformative investments that we seek to grow Marrone Bio from a product, crop and geographic perspective, and to do so in a way that can immediately accelerate our revenue growth and margin expansion,We believe acquisitions like Pro Farm will allow us to cost-effectively expand our global scale, and significantly escalate our growth trajectory.
Marrone Bio board chairman Bob Woods said in a prepared statement.
Acquiring Pro Farm will add nutrient and biostimulant seed-and-leaf treatment technology to Marrone Bio’s portfolio, which the company hopes will gradually increase its net incomes, according to the release.Read More
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