Chemtura forms $55m agchem joint venture with Italy’s Isagro

26 January 2011 16:39  [Source: ICIS news]

TORONTO (ICIS)--US specialty chemicals producer Chemtura and Italy’s Isagro have formed an agrochemicals joint venture to speed up the development and commercialisation of active ingredients and new molecules, they said on Wednesday.

Chemtura and Isagro said in a joint statement that the equal joint venture, named ISEM, had an equity value of €40m ($55m).

Milan-based Isagro had contributed commercially registered herbicide Orthosulfamuron and fungicide Valifenalate as well as related intellectual property to the venture.

Isagro CEO Giorgio Basile said the alliance with Chemtura was consistent with his company’s strategy to focus on its core business of researching and developing new molecules and promoting them globally.

Chemtura executive vice president Chet Cross said the alliance with Isagro was “the next step” in growing Chemtura’s agrochemicals business.

Last year, Chemtura rebranded its agrochemicals division to Chemtura AgroSolutions.

In November, Chemtura completed its financial restructuring and emerged from US Chapter 11 bankruptcy protection.

($1 = €0.73)

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By: Stefan Baumgarten
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