Novozymes bioagriculture firm announced this week it has signed a definitive agreement to acquire TJ Technologies Inc., based in Watertown, S.D.
The company said the acquisition advances Novozyme's position in the bioyield enhancement segment of bioagriculture.
"With this acquisition we continue to build our business within sustainable bioagriculture. TJ Technologies Inc. is a frontrunner in bioyield enhancers, and this acquisition will further underpin Novozymes' position, while strengthening commercial access," says Thomas Videbæk, Executive Vice President of Novozymes.
Founded in 1978, TJ Technologies Inc. develops and markets proprietary microbial and micronutrient products for agriculture. It holds a strong position in seed treatment of corn as well as other important crops.
"With its proven portfolio of products and new pipeline opportunities, TJ Technologies' talented employees will add solid experience and knowhow to Novozymes," says Videbæk.
Biological technologies are used to improve plant health and growth or combat diseases across various broad-acre crops such as corn and soy and high-value crops such as leafy greens, fruits, and vegetables.
Globally, there is an increasing need for sustainable agricultural production. The emerging bioagriculture market is estimated to be worth about $1.5 billion with an annual growth rate of 10-15%.
Financial terms for the acquisition were not released.