Dow AgroSciences LLC, a subsidiary of Dow Chemical Co., said Friday it had agreed to invest in the Australian wheat breeding company HRZ Wheats. Financial terms were not disclosed.
HRZ was established in 2003 to provide wheat farmers in Australia's high rainfall zone with high yielding, milling quality varieties of wheat.
Under the agreement, Dow AgroSciences and HRZ will exchange wheat genetic material and HRZ will get access to breeding services, technologies and funding to help speed up delivery of superior wheat varieties to Australian farmers.
Dow Chemical shares fell 10 cents to $26.80 in premarket trading.