15 June 2001 14:42 [Source: ICIS news]
HOUSTON (CNI)--Phibro-Tech said Friday it has sold the European component of its Agtrol International fungicides business to Nufarm of Melbourne, Australia for an undisclosed sum.
Phibro-Tech, a subsidiary of Philipp Brothers Chemicals - both headquartered in Fort Lee, New Jersey - announced 4 May that it was selling its US Agtrol division to Nufarm because the unit no longer fit with the company's strategic plans. The sale will enable Phibro-Tech to focus on and grow core businesses, officials said.
The sale of the Agtrol International fungicides European business includes products, trademarks, intellectual property, commercial relationships and approximately 50 employees. Phibro-Tech did not sell any manufacturing assets and will supply Agtrol products to Nufarm under multiple year supply agreements.
Nufarm is a publicly traded company with core capabilities in chemical synthesis and manufacturing. It has production and marketing operations throughout Australia and New Zealand, Asia, Europe and North America.
Phibro-Tech is a manufacturer, recycler, and marketer of performance chemicals, serving the metal finishing, printed circuit board, catalyst and related industries.
Philipp Brothers Chemicals manufactures and markets specialty, agricultural, and industrial chemicals.
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