United Phosphorus' Advanta India acquires Garrison & Townsend
04 Mar 2008
United Phosphorus group company and major supplier of seeds Advanta India Ltd has acquired forage US-based hybrid grain and forage sorghum supplier Garrison & Townsend, LP, based in Hereford, Texas, through its subsidiaries for $10.5 million.
Garrison & Townsend has strong presence in grain sorghum, which accounts for about 32 per cent of its revenue, forage sorghum, BMR sorghum account for the remaining 67 pert cent.
It is a hybrid gain and forage sorghum research, production, conditioning marketing company. Its products are marketed throughout the US Italy, Israel, Pakistan, Mexico, Central America, South America and Japan. Its top 10 customers account for about about 60 of its revenue.
In fiscal year 2007, GT achieved a sale of about $11 million.
Advanta says this acquisition bolsters its presence in sorghum in sorghum globally.
Advanta has a global footprint and also a strong presence in the domestic market, with its own unique proprietary germplasm and intellectual properties. Advanta claims a leadership position in crops like sunflower, rice, corn, mustard, cotton, tropical, temperate, vegetables.
Advanta utilises the molecular marker technology in some crops, while building up value added biotech traits through seeds. A cash rich company with a strong network of technology collaborations is embarking on an aggressive growth strategy.
While organic growth will be a key factor in this, strategic acquitions will play a crucial role in achieving our objectives set for the next five years.
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