Valent BioSciences plans to acquire Pace LLC

12/19/2012 12:00:00 PM
Vicky Boyd

Valent BioScsiencesLibertyville, Ill.-based Valent BioSciences Corp. announced it plans to acquire Pace International LLC, a Seattle-based manufacturer known for its post-harvest products, for $65 million.

Valent BioSciences, which specializes in research and development of biological products, signed an agreement to purchase the remaining 75 percent of Pace that it didn't own, according to a news release.

Valent BioSciences already owned a 25 percent share.

Pace, which has operations in the United States, Mexico and South America, specializes in coatings, sanitizers and post-harvest disease-management products for many crops, including citrus, stone fruit, pome fruit and potatoes.

The acquisition is the latest in a move by Valent BioSciences to boost its presence in the biorational market. It currently is building a $150 million biorational product manufacturing facility in Osage, Iowa.

Biorational pesticides, which include insecticides, fungicides and herbicides, are products derived from biological organisms.

Only a day earlier on Dec. 18, Sumitomo Chemical Co., Valent BioSciences' Tokyo, Japan-based parent company, announced it planned to aquire a majority stake in McLaughlin Gormley King Co. of Minneapolis.

Sumitomo plans to increase its holdings to 76.36 percent from 32.88 percent, according to a news release.

MGK, as the company is called, sells insecticides for consumer home and pet products, professional pest control, animal health and other markets.



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