United Phosphorous buys Argentina firm for $10 mn

New Delhi, July 22: Leading agrochemical player United Phosphorus Ltd today said it has acquired 100 per cent stake in Argentina-based ICONA and ICONA San Luis S A for 10 million dollars through its US subsidiary.

The acquisition will be funded by cash accrual and provide the company a stronger platform to expand and strengthen its presence in Argentina, said a press release.

With the strong agricultural commodity pricing the market is going to be very good in Argentina, a statement said.

ICONA is a debt free company, having more than 35 registrations in Argentina. It has a strong manufacturing base located in Capilla del Senor from Buenos Aires and at Justo Daract.

The buyout of ICONA is in line with company's strategy to grow its business globally both organically and through acquisitions.

This is the company's third acquisition in this calendar year following its acquisition of the Cerexagri group of companies and the global rights to two tin compounds from Dupont.

Through acquisitions, strategic alliances and network of subsidiaries, the company has built a marketing network across the globe and its international revenues account for over 70 per cent of its total revenues. It exports to over 100 countries, the primary markets being Europe and North America. The company has over 3,100 employees and has 22 operating plants.

UNI