Vilmorin looking for acquisitions in India and
Vilmorin Clause, the listed
French vegetable and flower seed producer, is eyeing India and Japan for
international expansion, Daniel Jacquemond, the company's CFO said.
Speaking to this news service, Jacquemond indicated in India, Vilmorin is
looking for small targets among the myriad companies that produce rice,
cotton and vegetable seeds.
On the research side, the company is expecting much from its 2006
partnership with Avesthagen, the biotech company, to develop a GMO
(genetically modified organism) program for the Indian market.
In Japan, Vilmorin is also looking for small family-owned targets of EUR 20m
to EUR 30m that specialize in vegetable seeds. The group has been present in
that country for 10 years and already ranks third after Takii et Sakata, the
two market leaders.
Acquisitions in China are rapidly bearing fruit in terms of presence. Last
July, Vilmorin signed a partnership with Hunan Xindaxin, the main
shareholder of LPHT a major producer of hybrid rice seeds. The agreement
will result in a joint venture in which Vilmorin Hong Kong will have 46.5%
of the capital.
Since then, LPHT is itself finalizing the acquisition of another seeds
company with EUR 20m in sales, which will result in an increase in
Vilmorin's presence, Jacquemond indicated.
Finally, and as a result of restrictions for GMO programs in France,
Vilmorin is interested in taking a minority stake in a company in Australia
that specializes in technological research to develop GMO seeds.