Intrexon to buy Okanagan Specialty Fruits and non-browning Arctic apple
Through the acquisition, Intrexon expands its food programs to include trees yielding fruit that is more appetizing and convenient for consumers while providing economic benefit throughout the tree fruit supply chain.
One of the fastest-growing categories of the fruit and vegetable industry is the fresh-cut segment, bolstered by the convenience factor and upward trend in consumption of healthier foods. Marrying the art of fruit breeding with cutting-edge science results in exciting new products that can benefit consumers and producers alike.
For example, the Arctic apple provides consumers with an answer to a pesky but common food issue without any flavor-altering, anti-browning additives. It is an alternative to current approaches to browning control, which are more costly and require the application of chemical solutions or antioxidants.
Additionally, apples will be increasingly accessible to food service outlets, where consumers spend roughly 50% of their food dollars, because Arctic apples solve both cost per serving and quality concerns associated with pre-cut apples.
Pursuant to the definitive agreement, Okanagan's stockholders will receive $31 million in Intrexon common stock and $10 million in upfront cash. Consummation of the transaction, anticipated in the first half of 2015, is subject to customary closing conditions. ■