Sumitomo seeks to buys Italian agrochemicals maker Isagro Italia

28 January 2011 04:06  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s Sumitomo Chemical said on Friday it has decided to acquire a 100% stake in agrochemicals maker Isagro Italia.

Sumitomo Chemical bought a 50% stake in the Italy-based firm in 2002 to expand sales of its agrochemical products in Italy, the company said in a statement.

The statement did not contain financial details of the proposed buyout.

“Not only does Italy boast[s] the world’s eighth largest market and Europe’s 3rd largest market for agrochemicals, but it also represents tremendous potential for Sumitomo Chemical to amply leverage our product portfolio,” said Kenjiro Fukubayashi, senior managing executive officer in charge of the agricultural chemicals sector of Sumitomo Chemical.

Milan-headquartered Isagro Italia posted sales of €81m ($111m) in 2009 and employs around 70 people, the statement said.

The new company could be renamed to Sumitomo Chemical Italia, it added.

($1 = €0.73)

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By: Nurluqman Suratman

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