Pyne Gould looks to acquire Agricom

Rural services firm Pyne Gould Guinness (PGG) today said it had entered an agreement to acquire proprietary seed company Agricom (NZ) on July 1.

Settlement, which was for an undisclosed sum, would take place on that day.

Agricom's shareholders would continue to be employed in the combined business, PGG said in a statement. All staff would be employed by the new Seeds Group.

"The continuing need to resource investment in research and development, to provide new and improved products for pastoral farmers, has been a key factor in making this acquisition," PGG said.

PGG was hopeful that its and Agricom's combined resources would enhance its ability to deliver innovative and improved products to the farming community.

- NZPA