Nufarm To Acquire Agripec
7 May 2007 Nufarm acquired a 49.1% stake in Agripec in 2004 in an effort to increase its Latin American presence. Following several disappointing seasons due to Brazil’s overall slip in performance, this year’s more positive expectations were catalysts in Nufarm’s decision to purchase the company outright. “Brazil represents one of the world’s most exciting agricultural growth markets and the purchase of the balance of Agripec will give Nufarm a valuable platform on which to develop new business opportunities in South America,” said Nufarm’s Doug Rathbone.
Once the acquisition is final, Agripec’s major shareholder and president, Beto Studart, will step down, to be replaced by Marcos Lobos as president. The rest of Agripec’s senior management group will remain in place.
More than 60% of Agripec’s sales are in the soybean products, but new product registration strategies are aimed at expanding the company’s sales in other major crops, such as corn, cotton, citrus, and sugarcane.
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