The acquisition will put Cromo Quimica within the expanding portfolio of Crop Care, Lavoro's vertically integrated business segment, which operates with biological inputs, specialty fertilizers and off-patent crop protection products. The acquisition is subject to regulatory approval and completion of other conditions precedent.
Founded in 2018 by Josir Neuls and
According to
'We expect that partnering with
The transaction is aligned with the strategy to expand Lavoro's offer of sustainable solutions, which includes biological pesticides, post-patent agrochemicals, and specialty products.
Cromo Quimica currently has over 40 products in its portfolio. We believe that its high-performance adjuvants promote better use of agrochemicals and biologicals sprayed on crops, generating greater yields, and boosting farmer productivity. In addition, all products are sustainable, mitigating environmental impacts.
One of Crop Care's priorities for the coming years is to expand its production and sales capacity. 'We expect to invest in strengthening the sales force of Cromo Quimica, back-office areas, and especially research and development. The future of agriculture lies in safe technologies that value the environmental agenda and respect the legislation, without leaving aside the profitability of the farmer,' said
In fiscal year 21/22, the subsidiaries of Crop Care delivered, together, approximately
Lavoro and TPB: a shared vision for global food security
Lavoro announced in
The transaction aims to bring together The Production Board's agriculture technology expertise and Lavoro's portfolio of businesses and market penetration to help transform
The transaction is expected to close in the first quarter of 2023, subject to the satisfaction of customary closing conditions (including the approval of the shareholders of
About Lavoro
Lavoro is the largest distributor of agricultural inputs in
About The Production Board
Founded by
Additional Information and Where to Find It
The proposed business combination will be submitted to shareholders of
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
Participants in Solicitation
Forward-Looking Statements
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The contents of any website mentioned or hyperlinked in this press release are for informational purposes and the contents thereof are not part of or incorporated into this press release.
Certain statements made in this press release are 'forward looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as 'aims,' 'estimate,' 'plan,' 'project,' 'forecast,' 'intend,' 'will,' 'expect,' 'anticipate,' 'believe,' 'seek,' 'target' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the growth of Lavoro's business and its ability to realize expected results and the expected benefits of the business combination. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lavoro and TPB.
These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that expected benefits of the proposed business combination or that shareholder approval will not be obtained; the risk that the transaction may not be completed by TPB's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by TPB; the failure to satisfy the conditions to the consummation of the proposed transaction, including the adoption of the proposed business combination agreement by the shareholders of TPB; the lack of a third party valuation in determining whether or not to pursue the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed business combination agreement; the effect of the announcement or pendency of the proposed transaction on Lavoro's business relationships, operating results, and business generally; risks that the proposed transaction disrupts current plans and operations of Lavoro and potential difficulties in employee retention as a result of the proposed transaction; the outcome of any legal proceedings that may be instituted against Lavoro, TPB or the combined company related to the proposed business combination agreement or the proposed transaction; the ability to maintain the listing of TPB's securities on a national securities exchange; the price of TPB's securities may be volatile due to a variety of factors, including variations in operating performance across competitors, changes in laws and regulations affecting TPB's or Lavoro's business; Lavoro's inability to meet or exceed its financial projections and changes in the combined capital structure; changes in general economic conditions, including as a result of the COVID-19 pandemic; the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; changes in domestic and foreign business, market, financial, political and legal conditions; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed business combination agreement; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries and other risks and uncertainties indicated from time to time in the final prospectus of TPB for its initial public offering and the proxy statement/prospectus filed by Lavoro relating to the proposed business combination or in the future, including those under 'Risk Factors' therein, and in TPB's other filings with the
In addition, forward-looking statements reflect TPB's and Lavoro's expectations, plans or forecasts of future events and views as of the date of this press release. TPB and Lavoro anticipate that subsequent events and developments will cause TPB's or Lavoro's assessments to change. However, while TPB and the TPB may elect to update these forward-looking statements at some point in the future, TPB and Lavoro specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing TPB's or Lavoro's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
No Offer or Solicitation
This press release and/or other information does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication and/or other information relates to a potential financing through a private placement of common stock of a newly formed holding company to be issued in connection with the transaction. This communication shall not constitute a 'solicitation' as defined in Section 14 of the Securities Exchange Act of 1934, as amended.
Contact:
E: guilherme.augusto@lavoroagro.com.br
T: +55 66 9 9911-3093
E: fernanda.rosa@lavoroagro.com
T: +55 41 9 9911-2712
TPB
E: rachel@tpb.co
T: +1-650-924-5471
(C) 2023 Electronic News Publishing, source