After more than 60 years of Gisborne ownership, the seeds division of Corson Grain will be sold to PGG Wrightson Seeds Ltd.
A decision to specialise in the food ingredients part of the business in Gisborne and Australia, and sell the seed side, was made by Thos Corson Holdings Ltd directors late last year.
"The decision was made easier when PGG Wrightson Seeds Ltd were chosen as the preferred buyer. They are a New Zealand company, a leader through its commitment to research and marketing in the forage seed business for many years," director Thomas Corson said.
There will be no redundancies, with 12 of the 14 people employed in the Corson seed division transferring to PGG Wrightson Seeds and two others going to the food division of Corson Grain Ltd. The sale will go through on December 1.
PGG Wrightson group general manager John McKenzie said the Corson seed business complemented PGG Wrightson Seeds' existing forage seed and maize grain businesses.
The Corson maize seed business has developed a global reputation for developing some of the world's finest maize and sweetcorn seed.
It also produces and markets maize and sweetcorn hybrid seed for about 20 percent of the New Zealand market.
Corson seeds has maize hybrids specifically for maize silage production and markets a range of dual purpose, grain, milling and sweetcorn hybrids.
Corson's food ingredient business has been growing in recent years.
It bought a mill in Australia in 2003, making Corson the largest maize milling company in Australasia.
Gisborne stockbroker Fraser Brown, of Craigs Investment Partners, said PGG Wrightson did appear to be turning the corner on the back of an ongoing recapitalisation process and the medium- term outlook of global supply/demand imbalances in soft commodities.
"The purchase of Corson's seed business fits with a wider strategy of rationalisation in unprofitable divisions and expansion into areas with a greater upside."
Corson was founded in 1902.
