The Management of Incotec
International has acquired, through a so-called Management
Buy Out, the enterprise from the Nasdaq-listed Seminis Vegetable
Seeds (NASD: SMNS). Partner in the Buy Out is Investment Company
NeSBIC Investment Fund II that will have an interest in the
enterprise. An amount of 21 million Euro is involved in the
investment. The management and NeSBIC will collaborate in the
further development and expansion of the enterprise. Seminis
decided to sell the company based on the fact that Incotec is
not seen as its core activity anymore.
Incotec is a worldwide market leader in the field of coating
and seed technology. As in its natural form seed is often too
small or irregular in shape, making it difficult to sow. By
adding certain coatings the seeds are made more suitable for
precision sowing. Additionally, the company possesses
technologies to improve seed quality, for instance lettuce seed
is made suitable to germinate at higher temperatures, which can
be very important under warm climate conditions. Furthermore,
together with special developed coatings methods can be added to
the seed to protect the crop against diseases resulting in a
lower usage of pesticides by growers.
"The reason why we decided to invest in Incotec is because of
the chosen strategy, the market position and the potential of
the enterprise in combination with the quality of the
management. The company benefits of an experienced team of
managers and besides Incotec is an established name and a profit
making enterprise", says Ron Maurer, managing partner of the
NesBIC Investment fund. In the past years, the group has
experienced consistent revenue raising up to 20 million Euro as
of 30 September 2001.
General Manager Jan Willem Breukink says: "This Buy Out will
provide the company the opportunity to carry on growing on its
own. Together with the investor we shall work towards autonomous
growth and we possess the know-how and the means to also take
over companies that match within our strategy. In the coming
years we expect to achieve a further accelerated growth of
Incotec at world scale.
The market for treatment and improvement of seeds will
expectedly grow considerably in the coming years. Agreements
have been made that Seminis will remain a client of Incotec.
Incotec counts two hundred employees. The Buy Out has no
consequences for employment. Next to the location in Enkhuizen,
the company has production facilities
in the United States, Brazil and Japan.
For more information please contact:
Incotec International BV
Jan Willem Breukink
+31 228 358053
website: www.incotec.com
