Advanta subsidiary acquires Australia's LPB

New Delhi, Nov 2 (UNI) Advanta India Ltd today said its subsidiary Pacific Seeds Australia has purchased controlling share of LongReach Plant Breeders (LPB) for the sum of 12 million Australian dollars.

The remaining share hold will continue to be owned by seeds and genetics company Syngenta Seeds Pty Ltd.

''This acquisition will bolster the company's 2004 entry into the Australian wheat seed industry, providing a plant breeding and germplasm platform from which to grow this expanding business,'' the company said in a statement.

LPB, an Australia-based wheat seed breeding company, plans to utilise Pacific Seeds' strong brand recognition in the Australian market and establish a leadership position in the Australian wheat seed business.

Pacific Seeds has a marketing system of wheat seed associates based throughout the Australia wheat belt and similarly LongReach has breeding and evaluation programs throughout these areas as well.

UNI