Mumbai, June 21: United Phosphorus Ltd (UPL) has purchased US-based Dow Agroscience LLC’s Oryzalin herbicide business, including Surflan, for $ 21.3 million.
The company has signed the agreement with Dow Agroscience for purchase of right, title, associate trademarks, contracts and inventories of Oryzalin herbicide business throughout the world except Switzerland and the European Union countries, UPL informed the Bombay Stock Exchange, today. The purchase includes all Surflan based pre-mixes, it said.
The herbicide is used for control of annual grasses and broadleaf weeds, herbacous plants, woody shrubs and vines.
Under the agreement, the company and its subsidiaries throughout the world can start selling Surflan immediately, except the countries that are excluded from the agreement.
United Phosphorus added that the purchase will supplement its product portfolio and expand its market presence in the segment of citrus, fruit and nut trees and specialty crop markets. The consideration of $ 21.3 million paid for the business also includes inventories.
The company, promoted by R D Shroff, is involved in agrochemicals, phosphorus and specialty chemicals. The company exports its products to the developed markets of Europe and the US where laws are stringent.