30 April 2015
AgroFresh is a fast growing company dedicated to working with
customers internationally to
apply the benefits of its products and services,
including its award-winning
1-MCP (1-Methylcyclopropene) based technologies
that suppress ethylene development and
its degrading effects on produce.
Having built up incomparable knowledge and
international commercial experience over the past 15 years
with its proprietary 1-MCP, AgroFresh supports
growers, packers, shippers, exporters and
marketers in their delivery of superior quality produce.
AgroFresh is a global industry leader
in advanced proprietary technologies
for the horticultural and agronomic markets.
It offers an innovative portfolio of products and services
that enhance the freshness, quality and value of fresh produce.
Its flagship product is the SmartFresh℠ Quality System,
a freshness protection technology proven
to maintain firmness, texture and appearance of fruits
during storage and transport.
SmartFresh is currently commercialized in 45 countries worldwide.
SmartFresh technology's active ingredient,
1-methylcyclopropene (1-MCP),
is a simple hydrocarbon molecule
similar to naturally occurring ethylene.
This similarity allows SmartFresh to interact with
the ethylene receptors of the fruits. The SmartFresh product
is a sugar-based powder formulation
which is dissolved in regular tap water releasing
the 1-MCP in the storage room.
It permeates the air and interacts with the ethylene receptors
on the fruit, blocking them temporarily until the fruit
comes out of the storage facility or the refrigerated environment.
In ambient temperature the fruit develops new ethylene receptors,
and ripening continues normally. The active ingredient biodegrades
naturally and there is no SmartFresh present anymore
when the application is completed.
The whole process takes less than 24 hours.
SmartFresh is available in
three additional modes of delivery to meet customer needs
DETAILS
The Dow Chemical Company (NYSE: DOW)
announced today that it has signed a definitive agreement
under which AgroFresh, its post-harvest specialty chemical business,
will be acquired by
Boulevard Acquisition Corp. (NASDAQ: BLVD, BLVDU, BLVDW),
a public investment vehicle, formed by
for $860 million, or 9.2x EBITDA multiple based on 2014 earnings.
Upon closing, AgroFresh will become a subsidiary of Boulevard,
a stand-alone public company in which
Dow will retain a non-consolidated minority ownership position.
It will be positioned to grow both
through its existing innovative processes and
through future investments and acquisitions.
Thomas Macphee, vice president and corporate director for Dow,
who had formerly been responsible for AgroFresh
in the Company’s early development, has been named
Chief Executive Officer of AgroFresh,
pending official closure of the transaction.
Dow had previously announced its intent
to divest AgroFresh on Oct. 2, 2014.
The signing of this transaction represents yet another milestone
against the Company’s stated target of $7 billion to $8.5 billion
in proceeds from divestitures by mid-2016.
Since 2013, the Company has signed or completed transactions
that are expected to exceed $12 billion in pre-tax proceeds.
Dow is committed to working with
Boulevard to ensure a seamless transition of this business
for all stakeholders.
Howard Ungerleider
Chief Financial Officer, Executive Vice President
The Dow Chemical Company
“In line with recently announced portfolio moves,
this transaction demonstrates Dow’s focus on
selectively shifting our portfolio away from businesses
that are no longer a strategic fit, allowing
Dow to release cash and focus on
advancing our strategic growth agenda and remunerating shareholders,”
“AgroFresh is focused on the post-harvest market segment,
which is not aligned to the rest of the Dow AgroSciences’ portfolio.
The retention of a minority interest in AgroFresh, however,
allows Dow to participate in the growth prospects of the business
while unlocking a majority share of value for our shareholders.”
WWW.CHEMWINFO.COM BY KHUN PHICHAI
