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News Breaks
January 10, 2013
15:22 EDTSANWBMO Financial reports 9.12% passive stake in S&W Seed
News For SANW From The Last 14 Days
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December 19, 2014
16:21 EDTSANWS&W Seed, DuPont Pioneer to enter alfalfa seed distribution, production pacts
Concurrently with the closing of the acquisition, S&W and DuPont Pioneer are entering into exclusive alfalfa seed distribution and production agreements under which, subject to certain exceptions, S&W will be DuPont Pioneer's sole supplier of alfalfa seed through 2024. Under the agreement, DuPont Pioneer will continue to sell S&W-supplied, proprietary Pioneer brand alfalfa varieties to customers for at least the next 10 years, through Pioneer's extensive network of exclusive sales representatives. The agreement provides S&W with a strong and reliable customer for a large portion of the new S&W seed production, and provides DuPont Pioneer customers with the same leading alfalfa seed varieties that they have relied on for years. Alfalfa is primarily used as a high protein "forage" for livestock, including dairy and beef cattle, and is also used in certain fuel applications. The market for alfalfa hay and haylage in the United States is approximately $11.3B annually, and has grown at approximately a 4.8% CAGR over the last 10 years. The newly acquired alfalfa business is expected to contribute approximately $26M of incremental annual revenues in FY '15 and approximately $40M of incremental annual revenues in FY '16.
16:20 EDTSANWS&W Seed to acquire DuPont Pioneer's alfalfa production, research assets
S&W Seed and DuPont Pioneer announced the acquisition by S&W of all of DuPont Pioneer's alfalfa production and research facility assets, as well as all conventional alfalfa germplasm, for a purchase price of up to $42M. The purchase price consists of $27M in cash, a promissory note payable by S&W to DuPont Pioneer in the principal amount of $10M and a potential earn-out payment of up to $5M based on sales of the acquired germplasm in the three-year period following the closing. The promissory note bears interest at 3% per annum and is payable on December 31, 2017. The sale is expected to be completed on December 31, 2014, and is conditioned on S&W obtaining sufficient additional financing to consummate the purchase and other customary closing conditions. There can be no assurances that S&W will be successful in securing financing. As part of the acquisition, S&W will acquire: Over 15 DuPont Pioneer alfalfa seed varieties in the market today, including varieties designed for high yields, forage quality, leafhopper resistance, and stem nematode resistance; More than 60 varieties that are currently in DuPont Pioneer's development pipeline; A seed cleaning and production facility located in Nampa, Idaho and research facilities in Arlington, Wisconsin; and 31 employees from the alfalfa group at DuPont. S&W has also agreed, subject to the satisfaction of certain conditions, to purchase DuPont Pioneer's GMO alfalfa germplasm and related assets for an additional $7M in cash. The closing for the second acquisition, if all conditions to closing are satisfied, will occur on December 29, 2017. If the second acquisition is completed, the total purchase price for both acquisitions would be up to $49M.
December 11, 2014
08:04 EDTSANWS&W Seed appoints Mark Harvey as Chairman of the Board
S&W Seed has appointed alfalfa seed industry veteran and current member of the board of directors Mark Harvey as chairman of the board, effective December 9. Harvey was appointed following the retirement of current board chairman Grover Wickersham who will remain a member of the Board of Directors.
December 9, 2014
08:16 EDTSANWS&W Seed files patent for for stevia plant variety "SW201"
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December 8, 2014
14:01 EDTSANWS&W Seed announces retirement of Chairman Grover Wickersham
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