AgroFresh will be joined by Pace International

Sumitomo Chemical and Valent BioSciences LLC today announced that its subsidiary Pace International LLC and its overseas operations will be spun off as part of AgroFresh Solutions, Inc., a leader in postpartum solutions.

It is reported that the spin-off is part of Sumitomo Chemical's strategic restructuring. At the same time, Sumitomo Chemical and Valent BioSciences also plan to establish a strategic research and development partnership with AgroFresh to jointly develop innovative postpartum solutions and rely on AgroFresh to achieve global marketing.

The addition of Pace International to AgroFresh will further expand the latter's presence in the global postnatal solutions market. The combined AgroFresh will provide customers with a broader range of products, services, technologies and digital solutions to increase productivity, protect product quality and prolong freshness.

The two parties said that the integration is not only a step forward together, but also is expected to create a postpartum solution platform with greater global coverage, customer service and innovation capabilities.

Notably, Valent BioSciences and AgroFresh also plan to accelerate the pace of innovation in postnatal solutions by leveraging their respective strengths in expertise, technology pipeline and resources to jointly develop breakthrough products, technologies and services to address pressing challenges in freshness protection.