Sumitomo Chemical acquires full control over Isagro Italia
28 Jan 2011
Japan's Sumitomo Chemical today announced that it has raised its stake to 100-per cent, in its Italian distribution affiliate Isagro Italia S.r.l., making it a a wholly-owned subsidiary.
It earlier held a 50-per cent stake in Isagro, which was established in 1993 but changed its name to its current name in 1995, and the complete acquisition is aimed at strengthening Sumitomo's agrochemical business in Europe.
Milan-headquarters Isagro Italia, a 50:50 joint venture between Sumitomo Chemical and Isagro, reported 2009 sales of 81 million euros.
Sumitomo has tentatively planned to rebrand the merged entity to Sumitomo Chemical Italia S.r.l.
In 2002, Sumitomo Chemical acquired the 50-per cent stake in Isagro Italia, under the umbrella of Italian agrochemical major Isagro S.p.A. (Isagro), in order to expand its own agrochemicals sales in Italy.
Since then, Isagro Italia, as an agrochemical distributor with a varied product range, has become one of the major suppliers in the Italian agrochemical market.