June 25, 1996
SAN DIEGO, Calif. -- Mycogen Corporation (Nasdaq: MYCO) and AC Humko have agreed to purchase all oil seed assets and technology rights owned by The Lubrizol Corporation (NYSE: LZ) and its SVO Specialty Products subsidiary, a leading producer and marketer of specialty seed oil products. The transaction is subject to normal due diligence. Financial terms were not disclosed.
AC Humko will acquire SVO�s high oleic sunflower oil business and Mycogen and AC Humko will enter into an agreement through which Mycogen will produce crude high oleic sunflower oil exclusively for Humko in North America. Under the terms of the agreement, AC Humko will acquire Lubrizol�s patent rights on both high oleic sunflower oil and planting seeds.
�This acquisition enhances AC Humko�s position in the value-added specialty oils market and represents to customers our commitment to meeting all of their needs through a broader product line,� said Dan Antonelli, AC Humko�s president and chief executive officer. AC Humko is a world leader in the development and sale of specialty oil products.
Mycogen will acquire SVO�s technology and assets relating to specialty sunflowers, including high oleic sunflowers, as well as technology and assets relating to high oleic and high erucic rapeseed. In a separate transaction in February, 1996, Mycogen acquired SVO�s rights to specialty oils produced by other crops.
�This consolidates Mycogen�s rights to oil seed technology we have developed jointly with SVO over the past several years,� said Jerry Caulder, Mycogen�s chairman and chief executive officer. �We�re also excited about the opportunity to forward integrate into the crude edible oil business as a supplier to AC Humko. We believe that high oleic and other improved vegetable oils represent a tremendous business opportunity.�
AC Humko, a subsidiary of Associated British Foods (ABF), is a supplier of specialty oils and shortenings, non-dairy creamers and cheese products to the food processor, foodservice and retail food industries.
Lubrizol is a full-service supplier of performance chemicals for lubricants and fuels to customers worldwide.
Mycogen is a diversified agricultural biotechnology company that develops and markets technology-based products and provides crop protection services to control agricultural pests and improve food and fiber production. Mycogen Seeds develops and markets planting seeds for improved crop varieties with genetically enhanced insect-resistance and other value-added characteristics.
Greg Taylor
The Lubrizol Corp.
(216) 943-4200
Michael Sund
Mycogen
(619) 453-8030
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