UPL finishes $4.2 bn acquisition of Arysta LifeScience
Mumbai: Leading agrochemical company, UPL Monday announced the completion of its acquisition of Arysta LifeScience (Arysta) from Platform Specialty Products for $4.2 billion.
The completion of the transaction, which was signed in July 2018, will further strengthens UPL's position as a global leader in agricultural solutions, with about $5 billion in combined sales and annual growth of around $1 billion, a release said here.
The company has footprint in 76 countries and sales in over 130 countries.
The transaction received regulatory approvals from authorities across the globe and the company has already announced global, regional and country leadership teams for the integrated entity.
UPL is making the acquisition through its international arm UPL Corporation, and a new board has been constituted for the entity, bringing in experience with varied skills and backgrounds to drive the organisation forward.
The new UPL will be research and development focused and vertically integrated organisation, healthy mix of high- value crops and high growth geographies, well-positioned to achieve sustainable growth and will have opportunity to benefit from significant synergies.
Meanwhile, UPL launched its new purpose, 'OpenAg', which stands for open minded partnerships and creating win-win partnerships, thus broadening the space to create value along a wider food production network.
"Through our purpose of OpenAg, we aim to transform agriculture by creating an open agriculture network that feeds sustainable growth for all," UPL global CEO Jai Shroff said.
The new UPL offers an integrated portfolio of both patented and post-patent agricultural solutions for various row crops and speciality crops, including crop protection chemicals, BioSolutions and seed treatments covering the entire crop value chain.