May 4, 2023Biobest plans to acquire biopesticides manufacturer
Biobest, a global leader in biological control and pollination, has signed a non-binding letter of intent to acquire BioWorks Inc., a Victor, New York, biopesticides manufacturer.
The proposed acquisition will accelerate Biobest Group’s expansion into biopesticides using BioWorks’ innovative portfolio of biopesticides for disease and insect control as well as its product development, marketing and logistics expertise. With a continued focus on horticulture and specialty agriculture markets, and as a member of Biobest Group following the proposed acquisition, BioWorks will expand its range of biopesticide solutions for growers, enhancing the company’s contribution to reduce reliance on synthetic pesticides.
BioWorks will operate independent of Biobest’s insect and pollination business and Biobest’s North American subsidiaries.
BioWorks’
“We are excited about our intended relationship with Biobest Group and how it will be transformative for the solutions and support we offer to the market,” Bill Foster, CEO of BioWorks, said in the release. “Our priority is to be one of the most important sustainable crop protection providers across North America. Growers, channel partners and our employees will all benefit from our relationship with Biobest.”
The transaction is subject to completing customary due diligence investigations, execution of a definitive purchase agreement and satisfaction of specified closing conditions, including board approval of each company and certain third-party approvals.