Syngenta To Sell Dulcinea Farms
Syngenta has announced it signed an agreement to sell its Dulcinea Farms business to Pacific Trellis Fruit LLC , a U.S.-based international grower and marketer of fresh produce.
Based in California, Dulcinea was formed in 2004 in partnership with Tanimura & Antle, initially as a vehicle for branding proprietary mini-watermelon and specialty melon genetics directly to consumers through national food retail chains. Syngenta took full control of the company in 2005 and annual sales have since increased to around $80 million.
Under its new ownership, Dulcinea will continue to grow and commercialize its current portfolio. Syngenta and Pacific Trellis have also signed a long-term supply agreement whereby Syngenta will continue to provide Dulcinea with mini-watermelon and specialty melon seed varieties.
Syngenta Chief Operating Officer, Davor Pisk, said: “The sale will allow Syngenta to focus on bringing innovation to growers and the food value chain in our core vegetables business. Pacific Trellis is the best partner to provide Dulcinea with the expertise needed to achieve greater scale and long-term business growth.”
Financial terms of the transaction were not disclosed. The deal is expected to close by the end of 2013.
Source: Syngenta press release