Plant Health Care has sold its US landscape and retail business to lawn care company Lebanon Seaboard Corporation for £2.9 million.
Horticultural products business Plant Health Care has sold its US landscape and retail business to lawn care company Lebanon Seaboard Corporation for around $4.7 million (£2.9 million).
John Brady, CEO of Plant Health Care, comments that the disposal of the ‘non-core’ subsidiary fits with the company’s focus on licensing its products. It will invest the proceeds of the sale in research and development and the commercialisation of its Harpin and Myconate-brand products.
Plant Health Care has also announced that it is also performing a strategic review of its sales businesses in Europe and Mexico.
The AIM-listed company develops and manufactures plant and soil products such as feeds. Established in 1995, the company currently has 90 staff across its operations in the US, the UK, Mexico and Europe. In 2009, Plant Health Care made a net loss of $1.4 million on a turnover of $23.2 million.
US-based Lebanon Seaboard produces lawn products including fertilisers aimed at both the domestic horticulture and commercial golf course sectors.