Plant Health Care inks new deal with Portugal partner

28th Oct 2022 10:58

(Sharecast News) - Agricultural biologicals specialist Plant Health Care has signed an agreement for EDAF Unipessoal to become the exclusive distributor in Portugal for its proprietary 'PREtec'-containing fertiliser, 'PREzym', for use in fruit, vegetable and cereals crop production, it announced on Friday.

The AIM-traded company said it expected to start commercial sales of PREzym in the first half of 2023.

It said the two companies had been working together since 2016, when EDAF became the exclusive distributor in Portugal of its proprietary 'ProAct' plant health product.

The new agreement would further strengthen the partnership, the board said, and would help Plant Health Care fulfil its plans to grow its global footprint and market share across Europe.

It said that PREtec, derived from "natural proteins", is an "environmentally friendly technology" which stimulates crop growth and ability to withstand a variety of abiotic stresses to improve plant health and yield.

PREtec is compatible with mainstream agricultural practices, the company added.

Plant Health Care said the deal was the first sales of PREtec-based products into Europe, which was becoming one of the largest markets for sustainable biological products.

"Today's announcement marks a significant milestone for Plant Health Care and our ambitious plans to grow our global footprint [and] market share," said chief executive officer Jeff Tweedy.

"I am excited for our first sales of the PREtec technology in Europe which has the potential to grow considerably and transform the European farming industry towards a sustainable future with better crops delivering a higher yield for thousands of farmers.

"EDAF has proven to be a strong partner over the years, supporting the growth of PHC's products in Portugal."

At 1028 BST, shares in Plant Health Care were down 0.43% at 9.3p.

Reporting by Josh White for Sharecast.com.