US agribusiness giant Land O’Lakes announced its acquisition of Ceres, a California-based biotechnology firm for $17.2 million.
Ceres develops and manufactures seeds from genetically modified crops that are used in the production of biofuels. The company will become part of the forage business unit of Land O’Lakes which is now made up of Forage Genetics International (FGI.)
The deal will enable FGI’s research and development division to further its plant breeding and biotechnology goals. The company will better be able to bring new forage characteristics to the marketplace as well as placing the company in a position to better expand and become a holistic forage provider to its customers.
FGI said that the partnering of Ceres and FGI brings together complimentary capabilities which will speed up the process to the creation of new forage solutions for farmers around the world.