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Sumitomo Chemical subsidiary acquires US agrobusiness firm for $65 million

11:21 AM MST | December 20, 2012 | Deepti Ramesh

Sumitomo Chemical says that its wholly owned Valent BioSciences (Libertyville, IL) subsidiary has signed a definitive agreement to acquire Pace International (Seattle, WA), a global leader in the postharvest segment of commercial agriculture with operations in the United States, Mexico, and South America, for $65 million. Valent BioSciences previously had a 25% stake in Pace, which employs over 100 people worldwide. The acquisition is expected to close before the end of the year. Pace specializes in the development and commercialization of coatings, sanitizers...

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