SATICOY : Petoseed to Merge With Mexican Firm

Saticoy-based Petoseed Co., which develops and markets hybrid vegetable seeds, will merge with a Mexican agricultural business to form what officials say will be the world’s largest vegetable seed company.

Officials of Empresas La Moderna--a Mexican firm specializing in agriculture, cigarettes and packaging--announced Tuesday that they will merge their Asgrow Seed Co. in Kalamazoo, Mich., with Petoseed to form a new company called Seminis. Royal Sluis, a Dutch company managed by Petoseed, will also become part of Seminis.

The move, Empresas officials said, would increase the global reach of each company involved. Enrique Osorio, director of the treasury at Empresas, said Petoseed would benefit from his firm’s experience in the Latin American and Asian markets.

“With the knowledge that we have in those markets, we can encourage these companies to grow in those markets as well,� he said.

The new company will control about 25% of the vegetable seed market worldwide, with projected annual sales of $520 million, Empresas officials said. Seminis will have production and research facilities in more than 25 countries.

Osorio said the merger will not cause layoffs or staff additions at Petoseed in the immediate future. Petoseed employs about 200 people in Ventura County and 1,300 worldwide.