By IANS
New Delhi : United Phosphorus, a $560 million agrochemicals company based out of Mumbai, has bought 100 percent equity in Argentine company ICONA San Luis SA that manufactures and distributes crop protection products.
This is the third major acquisition for United Phosphorus this year after buying the US-based Cerexagri, which has interests in speciality crops, and the global rights to two tin compounds from DuPont.
“This acquisition provides United Phosphorous with a much stronger platform to expand and strengthen its presence in Argentina,” said Jai Shroff, the chief executive officer of the company.
“After considerable growth both organically and acquisitions in the USA, Europe, and in India, United Phosphorous has been actively pursuing opportunities for growth in the other regions,” Shroff said in a statement.
According to the company, the acquisition includes the rights to all stocks, the product registrations and manufacturing sites and also control over all property rights associated with the business of ICONA.
The acquired firm, a debt-free company, has over 35 registrations in Argentina and a strong manufacturing base. “With a strong agricultural commodity pricing, the market is going to be very good in Argentina,” Shroff said.
United Phosphorus, which is engaged in research, manufacture and distribution of agrochemicals and speciality chemicals across the globe, has 22 operating units, including eight in India and nine in Europe, and employs 3,100 people.