Elders has this week announced acquisition of Eureka! group, a leading research, development, registration and formulation business for agricultural chemicals and other agricultural products.
Eureka! operates with approximately 35 employees based at two sites west of Melbourne, one devoted to herbicide and the other to non-herbicide products.
The acquisition will support Elders with greater flexibility and control of its crop protection supply chain over time. Eureka! will provide Elders with industry leading capability in toll formulation, a pipeline of new products, and extension of its research and development activities.
Elders CEO Mark Allison said the acquisition will provide the company with added control and surety in its supply chain.
“Reliable access to key agricultural products is of fundamental importance to our farming customers, and ensuring continuity of supply within our supply chains is crucial,” said Mr Allison.
“The upheaval to supply chains during the pandemic gave the sector a greater awareness of how supply chain disruptions can affect operations in Australia. This acquisition will help to ensure the resilience of our supply chains in key products.”
Since inception in 1999, Eureka! has developed over 600 commercial products with their customers. Eureka! owns 6 patents in Australia, 11 patents in overseas jurisdictions, 89 non-protected data packages for agricultural products and 12 Australian Pesticides and Veterinary Medicines Authority (APVMA) registrations. Elders will continue to support Eureka!’s highly professional and innovative team in developing products for the benefit of Australian farmers.
Elders has been operating in Australia for over 184 years and has a proven track record of excellence in agribusiness, winning most trusted agribusiness brand in 2023. The company's footprint has been expanding steadily in recent years, in line with Elders' Eight Point Plan, focusing on strategic growth in key locations across Australia.
For more information read Elders' ASX announcement.