Sumitomo Chemical and Valent BioSciences Announce Divestiture of Pace International
Sumitomo Chemical Co., Ltd. and Valent BioSciences LLC have announced that Pace International LLC (Pace) and its operations overseas will become part of AgroFresh Solutions, Inc., a well-established leader in the postharvest solutions space. The decision to divest the Pace International business unit is part of Sumitomo Chemical’s strategic realignment efforts.
Sumitomo Chemical and Valent BioSciences also plan to develop a strategic research collaboration with AgroFresh. Under this collaboration, Sumitomo Chemical and Valent BioSciences will continue working together in developing innovative new postharvest solutions and bringing them to the market with AgroFresh’s global market access.
Valent Biosciences and AgroFresh are committed to providing a smooth transition to Pace’s employees, customers, and other stakeholders. The company remains committed to fulfilling its obligations and ensuring a seamless transition for all parties involved.
As a result of the acquisition of Pace by AgroFresh, the combined platform will provide its customers with a broader portfolio of postharvest products, services, technologies, and digital solutions, offering a range of innovative solutions to meet their evolving needs for productivity, quality protection, and freshness extension.
“The integration of the Pace business with AgroFresh represents a step forward for both companies, enabling the creation of a postharvest solutions platform with stronger global reach, customer service, and innovation capabilities,” said Rodrigo Cifuentes, COO of Pace. “The impressive portfolio of postharvest solutions that both companies bring together will set new standards in packinghouse efficiencies, quality, and freshness not only for its customers, but across the entire fresh produce supply chain. As we move forward together, we are confident that this partnership will bring exciting possibilities to our combined employee, customer, and partner base.”
“We are excited to integrate the Pace business into AgroFresh, as we drive forward together with a shared vision to be the postharvest company of choice for customers globally,” said Clint Lewis, CEO of AgroFresh. “By combining our products, capabilities, and technical expertise, customers will have access to an even broader portfolio of postharvest solutions and digital technologies that can be tailored to their specific crops, operations, and needs to help enhance production quality and yield and minimize unnecessary loss at every step of their supply chain.”
Furthermore, Valent BioSciences and AgroFresh intend to accelerate innovation in postharvest solutions by collaborating to develop and introduce breakthrough products, technologies, and services to address the most pressing challenges in the freshness protection space. This will be accomplished through the extensive expertise, technology pipelines, and resources of both companies.
“We are excited about this future collaboration and the benefits it can bring to the crop and food protection industry,” said Salman Mir, President and CEO of Valent BioSciences. “Combining Valent BioSciences’ expertise in the development of sustainable biorational solutions for food crops with AgroFresh’s expanding global reach and postharvest expertise will help accelerate the launch of the next generation of sustainable postharvest solutions for the long-term benefit of our customers, end users, and the environment.”
Sumitomo Chemical is strongly committed to alleviating hunger and improving nutrition by providing products, technologies, and services that improve the availability of healthy, nutritious, and attractive food crops to people around the world.
“By investing and collaborating with strategic partners in the development of conventional and biorational solutions that strengthen and protect crops, increase productivity, and reduce food loss and waste, Valent BioSciences is not only contributing to placing healthy food on tables, but also promoting long-term food security and environmental sustainability, thereby building a brighter and fresher future,” added Mir.
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