HOUSTON (ICIS)--DowDuPont has completed the previously announced sale of a portion of its Dow AgroSciences' corn seed business in Brazil to China’s CITIC Agri Fund for $1.1bn, it said on Friday.
The divestment was part of required regulatory remedies of the DowDuPont merger, which closed on 31 August.
With the deal, CITIC acquired four corn seed production sites and four research centres, along with a copy of the Dow AgroSciences' Brazilian corn germplasm bank, certain commercial and pipeline hybrids, as well as rights to certain trademarks.
The agriculture division of DowDuPont will retain Dow AgroSciences' Brazilian corn germplasm bank and the remainder of its corn seed production sites and research centres, commercial and pipeline corn hybrids and other related assets, DowDuPont said.
DowDuPont intends to separate the agriculture division into an independent, publicly traded company.
“The intended independent Agriculture Company will be a global industry leader, with a continued strong presence in Brazil, better positioned to serve growers around the world with a superior portfolio of innovative solutions, greater choice, and competitive price for value,” it added.