Bayer CropScience AG and United Phosphorous Limited (UPL) announced that UPL purchased certain crop protection products from Bayer CropScience. The respective sale and purchase agreements were signed on August 29, 2006. The combined purchase prices total 43.5 million EUR including inventories.
The divestment includes the systemic carbamate herbicidal active ingredient Asulam (brand names Asulox®, Asilan®) and two insecticidal products. Bayer CropScience has retained certain rights related to non-agricultural uses in strategic markets.
For Bayer CropScience the decision to divest these products is in line with the company´s strategy to focus on higher-margin products and therefore streamlining the portfolio. The acquisition of Bayer CropScience's divested products is concurrent with UPL's strategy of enhancing its product portfolio across geography with an intention to offer a broad portfolio of solutions to its customers.
According to the company, United Phosphorus Limited is the largest Indian agrochemical player and among the top five generic players globally in this industry. It is engaged in research, manufacturing and distribution of agrochemicals and specialty chemicals across the globe. The group´s revenue for the year ending March 2006 was in excess 480 million USD.
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