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(Alliance News) - Sustainable crop protection and animal health firm Eden Research PLC said Tuesday it has signed an exclusive distribution agreement with plant protection products firm SumiAgro Europe Ltd.
The agreement gives SumiAgro Europe the exclusive right to sell Eden's fungicide product Mevalone in five new markets in central Europe, including Germany and Poland.
Mevalone will be distributed for use as a fungicide for grapes, as well as the treatment of storage diseases on apples, allowing grower to extend the shelf-life of their produce and reduce food waste.
The financial details of the agreement were not disclosed due to "commercial sensitivity", and the deal itself is conditional on regulatory approval.
"We are pleased to expand our relationship with SumiAgro into the central European region, where the markets for grapes and apples, in particular, are large and will help Eden to expand its sales footprint and increase product sales revenues in time. Mevalone is a well-known product which has already been successful in a number of southern EU countries," said Chief Executive Officer Sean Smith.
"We believe that SumiAgro is the right company to act as our commercial partner for Mevalone, given their years of hands-on experience with the product in France, expertise with high value crops - such as grapes and apples - and increasing focus on sustainable solutions, such as Eden's," Smith added.
Shares in Eden Research - which is headquartered in Cirencester, England - were down 2.5% at 8.44 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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