InVivo, the largest agricultural co-operative group in France, has formally signed an agreement to acquire a 50% stake in Life Scientific, an Irish R&D company which specialises in off-patent crop protection products.
The formal signing ceremony, coordinated by Enterprise Ireland, took place at an event organised by the Irish Embassy in Paris earlier this week to mark St. Patrick’s Day, and was attended by Richard Bruton TD, Minister for Jobs, Enterprise and Innovation and Ambassador Geraldine Byrne Nason.
InVivo, with revenues of €5.7 billion and employing 8,800 people in 28 countries, is a union of 223 farming co-operatives and has combined membership of over 300,000 farmers. The remit of InVivo is to work together with its member co-operatives to develop sustainable and profitable solutions enabling farmers to secure their production and revenue.
As a result of this new partnership Life Scientific plans to create 20 new, predominantly research and development jobs, over the next 5-years, at its headquarters at NovaUCD, the Centre for New Ventures and Entrepreneurs at University College Dublin (UCD).
Commenting on the agreement Nicola said, “This agreement concluded with InVivo will allow Life Scientific to scale our proven business model, both in France and globally. It will strengthen our engagement with our customers, the InVivo cooperative members, and is a major endorsement of Life Scientific’s continued capacity to innovate on a global scale.”