AgroFresh closes acquisition of controlling interest in Tecnidex

AgroFresh Solutions, Inc. (NASDAQ: AGFS), a global leader in produce freshness solutions, recently 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.”