PHILADELPHIA--AgroFresh Solutions, Inc. (NASDAQ: AGFS), a global leader in produce freshness solutions, today announced that it had closed its previously announced agreement to acquire a controlling interest in Tecnidex, a leading provider of post-harvest fungicides, waxes and biocides for the citrus market. The transaction is immediately accretive and expands AgroFresh’s industry-leading post-harvest presence into new crops, and also increases its penetration of the produce market in Latin America, southern Europe, and Africa.
Jordi Ferre, Chief Executive Officer of AgroFresh, said, “With its 37-year record of success primarily in the Mediterranean citrus market, Tecnidex accelerates our crop diversification strategy, reduces our seasonality and immediately adds to our earnings. In addition, the company brings a strong portfolio of fungicides, waxes and sanitizers to AgroFresh that further diversifies and broadens our product portfolio. Like AgroFresh, Tecnidex has a long legacy of innovation through research and development, and we expect our combined expertise to yield exciting new technical advances. We are very excited that Tecnidex will be joining AgroFresh, the first of what we expect to be an active acquisition program as part of our overall growth strategy.”
AgroFresh: advancing the future of freshness.
AgroFresh Solutions, Inc. (NASDAQ: AGFS) is a global industry leader in providing innovative data-driven specialty solutions aimed at enabling growers and packers of fresh produce to preserve and enhance the freshness, quality and value of fresh produce and to maximize the percentage of produce supplied to the market relative to the amount of produce grown. Its flagship product is the SmartFresh™ Quality System, a freshness protection technology proven to maintain firmness, texture and appearance of fruits during storage and transport. SmartFresh is currently commercialized in over 40 countries worldwide. Additionally the company has a number of different solutions and application technologies that have either been launched (Harvista, RipeLock, LandSpring) or will be launched in the future that will extend its footprint to other crops and steps of the global produce supply chain. For more information, please visit www.agrofresh.com.
In addition to historical information, this release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects or anticipates will or may occur in the future are forward-looking statements and are identified with, but not limited to, words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions (or the negative versions of such words or expressions). Forward-looking statements include, without limitation, the Company’s possible or assumed future results of operations, including all statements regarding anticipated future growth, adoption of the Company’s products, business strategies, competitive position, industry environment, potential growth opportunities and the effects of regulation. These statements are based on management’s current expectations and beliefs, as well as a number of assumptions concerning future events. Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s management’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks include, without limitation, the risk that our proposed acquisition of Tecnidex may not yield the results expected; the risk of increased competition; the ability of the business to grow and manage growth profitably; changes in applicable laws or regulations, and the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors. Additional risks and uncertainties are identified and discussed in the Company’s filings with the SEC, which are available at the SEC’s website at www.sec.gov. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.