Japanese natural resources trading conglomerate Mitsui & Co is continuing to grow its agri and food-related business with the acquisition of Top Seeds 2010, an Israeli-based vegetable seed company, which has been re-named Top Seeds International.
Financial details of the transaction were not disclosed and Mitsui was not immediately available for comment.
According to a statement issued by Top Seeds chief executive Jan Leune, the acquisition marks Mitsui’s first in the vegetable seed business. “The team, local subsidiaries, facilities and operations of Top Seeds 2010 will transfer in whole to Top Seeds International,” Leune said.
In addition to its Israeli headquarters, Top Seeds also has subsidiaries in Spain, Italy and Mexico. Its portfolio, which includes tomato, pepper, cucumber and eggplant seeds, is based on industry leading germplasm as well as expertise in breeding and other cutting-edge technologies, Top Seeds states on its website.
At the beginning of the year, Mitsui announced its plan to acquire Latitude, a wheat seed treatment fungicide, from US-based Monsanto for a reported ¥10 billion. A few months later, in April, the Japanese company announced another investment totaling ¥900 million ($8.1 million; €7.2 million) through the acquisition of an 80 percent stake in FRD Japan Co, a venture company that has developed a land-based closed recirculating aquaculture system.
Other companies comprising Mitsui’s food and agri portfolio include Mitsui-Norin, Bussan Food Materials, Mitsui Sugar and Starzen.