Advanta acquires US company for $10.5 mn

Calcutta News.Net
Tuesday 4th March, 2008

India's multinational seed company Advanta India Ltd has acquired Texas-based Garrison & Townsend, LP, (GT) Hereford, for $10.5 million.

Announcing this to the Bombay Stock Exchange (BSE) Tuesday, an official communique from the company stated that GT has strong presence in Sudan vis-a-vis the cultivation and marketing of sorghum species of grasses, used for growing grains and fodder.

The release states that in Sudan, about 67 percent of revenue arising out of the cultivation of sorghum is carried out by GT.

In fiscal 2007, GT achieved sales of about $11 million and this acquisition, according to the company, will bolster and strengthen Advanta presence in sorghum cultivation.

Moreover, the acquisition will also give Advanta advantage in markets in the US, central America, Japan, Mexico, Pakistan, Israel and Italy where GT has a strong sorghum consumer base.

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