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Sumitomo acquires New Chemi

business Updated: Dec 17, 2010 21:51 IST

PTI
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Looking to expand its presence in the crop-protection products space in the Indian market, Japan's Sumitomo Chemical Company said on Friday that it will acquire Mumbai-based agro-chemical manufacturer New Chemi Industries for an undisclosed amount.

The acquisition would complement the existing product lines being offered by Sumitomo Chemical in the country through its subsidiary, SC Enviro Agro India Pvt Ltd, as New Chemi has a large portfolio of crop protection products, Sumitomo said in a statement.

“Sumitomo Chemical will take advantage of this acquisition as an opportunity to further strengthen its operations in crop protection products and enhance its presence and growth in India, one of the fast growing markets for crop protection products,” the statement said.

New Chemi Industries has 113 employees and had net sales of around R71.4 crore in 2009.