Landec Corp (LNDC)

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BASF plans to acquire Becker Underwood for $1.02B
BASF announced plans to acquire Becker Underwood for a price of $1.02B. The company, headquartered in Ames, Iowa, is a provider of technologies for biological seed treatment, seed treatment colors and polymers, as well as products in the areas of biological crop protection, turf and horticulture, animal nutrition and landscape colorants and coatings. Becker Underwood has 10 production sites worldwide and 479 employees. BASF came to an agreement with Norwest Equity Partners to acquire Becker Underwood which has been a portfolio company of NEP since 2004. The purchase is subject to approval by the responsible authorities and legal closing of the transaction is expected by the end of 2012. Becker Underwood is expected to achieve sales of $240M for fiscal year 2012, ending on September 30. As part of the acquisition, BASF’s Crop Protection division will create a strategic global business unit called Functional Crop Care.