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AgroFresh Extends into Citrus with Acquisition of Tecnidex
Pennsylvania Ag Connection - 11/10/2017

AgroFresh Solutions, Inc., Philadelphia, a global leader in produce freshness solutions, announced that it has signed a definitive agreement to acquire a controlling-interest in Tecnidex, a leading provider of post-harvest fungicides, waxes, and biocides for the citrus market. With this acquisition, AgroFresh expands its industry-leading post-harvest presence into additional crops, and increases its penetration of the produce market in southern Europe, Latin America and Africa.

For over 35 years, Tecnidex has been helping fruit and vegetable producers offer clean, safe and high-quality products to its regional clients in 18 countries. Through its portfolio of post-harvest products, technology, consulting, and after-sale services, Tecnidex improves the quality and value of its clients' fruit and vegetables while respecting the environment. Tecnidex is based in Valencia, Spain.

"Tecnidex has an exceptional reputation and a long track record of success in the citrus market. Its portfolio of fungicides, waxes, and biocides both complements AgroFresh's existing post-harvest business and significantly accelerates our crop diversification strategy," said Jordi Ferre, CEO of AgroFresh. "Both companies share a strong and passionate focus on providing innovative solutions for our customers, and both have grown through the hard work of employees dedicated to improving produce quality and reducing waste in the value chain. Tecnidex is our first step in executing our acquisition strategy to strengthen our core, achieve crop diversification, and accelerate growth. In addition, it adds innovative solutions for our global customers, reduces our seasonality, and immediately adds to our earnings."

AgroFresh will use its existing cash to purchase 75 percent of Tecnidex, with the balance being retained by Manuel Garcia-Portillo, chairman and owner of Tecnidex. AgroFresh has an option to purchase Garcia-Portillo's interest over time. The transaction is expected to be immediately accretive to AgroFresh and to close by the end of 2017.

"I am delighted to enter into this agreement with AgroFresh, which I believe is ideally suited to continue the rapid global expansion Tecnidex has achieved over the past few years," said Garcia-Portillo. "Both AgroFresh and Tecnidex have multiple food preservation solutions that improve the quality and extend the life of a multitude of crops. This agreement will allow Tecnidex to offer our existing customers an expanded portfolio of products while leveraging AgroFresh's global distribution network to accelerate our growth in geographies we have only begun to penetrate."

This partnership delivers on AgroFresh's promise to leverage its strong financial position to create value for shareholders, by expanding its range of integrated solutions designed to help improve the lives of everyone in the food value chain--and the world.

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