AgriFORCE to Acquire Deroose Plants NV
Mar 10, 2022 By MarketDepth
AgriFORCE Growing Systems Ltd. (NASDAQ: AGRI) today announced entry into a binding Letter of Intent to acquire Deroose Plants NV for $69 million.
Over 800 Employees Globally
Deroose Plants NV, founded in 1980, is one of the largest tissue culture propagation companies in the world with a leadership position in horticulture, plantation crops, and fruit and vegetables. The company claims over 2.11 million square feet of laboratory and greenhouse facilities, with over 800 employees and operations in Europe, North America, and Asia.
“Adding to the momentum of our recent definitive agreement with Delphy Groep BV (Delphy), we look forward to welcoming Deroose into the AgriFORCE family of companies, as we continue to move forward with our vision to become a world leader in delivering next-generation foods and plant products for businesses and consumers. Deroose’s specific crop IP enables increased yields per hectare for crops such as rubber, palm and banana. This is particularly important where arable land is scarce and restricted(5) and with governments no longer allowing additional land to be made available for these crops. We believe this positions AgriFORCE and Deroose to deliver value by maximizing the sustainability and productivity of available land, especially in tropical climates.”Ingo Mueller, CEO of AgriFORCE Growing Systems
Maurice van Winden, the CEO of Deroose Plants NV, added: “With over 40 years of history, Deroose is a highly innovative company specialized in tissue culture propagation, and we are very excited to join AgriFORCE.”