BASF SE (IW 1000/33), the world's biggest chemicals maker, on Thursday said it is buying Becker Underwood Inc. for 785 million euros ($1.02 billion).
Germany's BASF said it has reached an agreement with Norwest Equity Partners, the current owner of Becker Underwood, but that the purchase still has to be approved by antitrust authorities.
The company said it expects to finalize the deal by the end of the year.
Ames, Iowa-based Becker Underwood describes itself as "the global leader in the development and commercialization of yield-improving and value-creating seed-applied biological products for the agricultural sector."
"We are impressed with Becker Underwood's ability to translate growers' needs into innovative, tailor-made solutions that can promote higher yields while conserving resources," BASF Research Executive Director Andreas Kreimeyer said in a news release.
Becker Underwood has 10 production sites worldwide and 479 employees, BASF noted.
Copyright Agence France-Presse, 2012