Agrochemical firm United Phosphorus on Friday said it has acquired Argentina-based ICONA San Luis SA for $10 million (Rs 40.33 crore) in an all cash deal. The acquisition of the Buenos Aires-headquartered manufacturer and distributor of crop pro tection products by United Phosphorus' UK subsidiary was effective from July 18, the domestic firm said in a release to the BSE. The purchase included all stocks, products registrations, manufacturing sites and all other property rights associated with the business of ICONA.
ICONA is a debt-free company, having more than 35 registrations in Argentina. For the year ended September 30, 2006, its consolidated revenues were $13 million. This acquisition provides United Phosphorus with a much stronger platform to expand and stre ngthen its presence in Argentina, the statement said.
"After acquisitions in the US, Europe and India, we have been actively pursuing opportunities for growth in other regions. The acquisition of ICONA is in line with company's strategy to grow its business globally both organically and through acquisitions ,'' it said. This is the third acquisition of the company in the current calendar year.
Earlier, it acquired Cerexagri group of companies and global rights of two tin compounds from Dupont. Shares of United Phosphorus surged 3.05 per cent on the BSE and were last trading at Rs 319
ICONA is a debt-free company, having more than 35 registrations in Argentina. For the year ended September 30, 2006, its consolidated revenues were $13 million. This acquisition provides United Phosphorus with a much stronger platform to expand and stre ngthen its presence in Argentina, the statement said.
"After acquisitions in the US, Europe and India, we have been actively pursuing opportunities for growth in other regions. The acquisition of ICONA is in line with company's strategy to grow its business globally both organically and through acquisitions ,'' it said. This is the third acquisition of the company in the current calendar year.
Earlier, it acquired Cerexagri group of companies and global rights of two tin compounds from Dupont. Shares of United Phosphorus surged 3.05 per cent on the BSE and were last trading at Rs 319
0 comments:
Post a Comment