Tokyo, Oct 7, 2011 (JCN) - Mitsui Chemicals Agro, Inc. ("MCAG") has announced a share purchase agreement with Agroinvest Kayatani S.A. Administracao, Empreendimentos e Participacoes (Kayatani) of Sao Paolo, Brazil, to acquire an 11.89% share of Iharabras S.A. Industrias Quimicas (IBIQ), an agrochemicals company.
Mitsui Chemicals positions its agrochemical business as one its "Five Priority Businesses", which are resilient to fluctuating economic conditions, in its 2011 Mid-term Business Plan (FY2011-FY2013) and has proactively pursued expansion.
In line with the fundamental strategy of the Mid-term Business Plan, MCAG, which is responsible for the Mitsui Chemicals Group's agrochemical business, reached an agreement to purchase IBIQ shares to establish closer cooperation with Brazil's strongest pesticide manufacturer/distributor to strengthen its presence and proactively expand business in the strategically important Brazilian market.
IBIQ is a business partner for MCAG's Brazilian business as it manufactures and distributes agrochemical formulations using active ingredients supplied by MCAG.
The share purchase will reinforce the Mitsui Chemicals Group's competitive edge and regional market knowhow in promoting sales of existing products and accelerating development of new core products by enhancing its relationship with IBIQ.
Copyright © 2013 JCN. All rights reserved. A division of Japan Corporate News Network KK.
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