UPL to Acquire Chinese Agrochemical Company

UPL Ltd, an Indian agrochemical company said it has entered into definitive agreements to acquire a majority stake in Yoloo Laoting Bio-technology Co. Ltd, an agrochemical firm based in China’s Heibei province, from Beijing Yoloo Bio-Technology Corp. Ltd.

UPL will own 75% stake in Yoloo Laoting for RMB 93.33 million ($13.3 million). The remaining 25% shares will be held by Beijing Yoloo, UPL said in a statement.

Laoting Yoloo is engaged in the business of manufacturing, distributing and commercialising crop protection products. It reported a turnover of $36.7 million and $50.8 million for the 2017 and 2018 financial years.

The acquisition will require regulatory approvals and registration with the Market Supervision and Administration Bureau at Laoting County.

The acquisitions will help UPL strengthen its presence in China, which is one of the world’s major crop protection chemical markets.

UPL, previously know as United Phosphorous Ltd manufactures and supplies agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals worldwide.  The company also provides crop protection solutions.

Source: ANI