Mycogen Corp., which develops, manufactures and marketsbiopesticides, on Friday said it will pay $21 million to acquireSoilserv Inc., a provider of crop-protection services.
Mycogen (NASDAQ:MYCO) of San Diego will pay $11 million incash and $10 million in convertible preferred stock to acquire100 percent of the Salinas, Calif., company, which had 1990sales of about $22 million. Soilserv is a unit of Griffen Corp.of Valdosta, Ga.
Mycogen said Soilserv's pest-control programs wouldaccelerate and expand the commercialization of Mycogen'sbiopesticides.
"We're three or four years away from break-even," said Marie C.Burke, manager of investor relations for Mycogen. "Thisacquisition should speed up our progress toward the black."
For the year ended last Dec. 31, Mycogen lost $4.5 million on$15 million in revenues. -- Jeff Hutkoff
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