17 December 2010 06:23 [Source: ICIS news]
SINGAPORE (ICIS)--Japan’s Sumitomo Chemical said on Friday it will acquire Mumbai-based agrochemical firm New Chemi Industries to expand its manufacturing of crop protection products in India.
Financial details were not disclosed.
New Chemi’s portfolio of crop protection products would complement Sumitomo Chemical's product lines currently being distributed in India, Sumitomo said.
New Chemi Industries generated sales of rupees (Rs) 714m ($15.7m) in 2009, according to Sumitomo.
Earlier on Friday, Sumitomo Chemical said it had entered into a tolling deal in Australia with its its fertilizer affiliate, Nufarm.
Nufarm will formulate and package six proprietary crop protection products of Sumitomo Chemical.
The Japanese producer has a 20% stake in Nufarm.
($1 = Rs45.47)
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