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Sumitomo Chemical’s Health & Crop Sciences division sales down 11% in FY 2016
May. 17, 2017
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JapanSales of Sumitomo Chemical’s Health & Crop Sciences division which includes agrochemicals, feed additives and pharmaceutical chemicals decreased by 11% compared with the previous fiscal year, to ¥319.3 billion in the fiscal year 2016 which ended March 31, 2017. Operating income declined by ¥31.4 billion, to ¥46.2 billion. The decrease was due to negative impact of stronger yen and lower market price for feed additive methionine.
The company estimated the sales will rise by 19% to ¥380.0 billion in the fiscal year 2017 due to increasing shipment of crop protection chemical in overseas market.
Sumitomo Chemical said in its annual report that in crop protection and fertilizer business in Japan, they are aiming to increase their market share and broaden the scope of business by developing attractive new products in-house, in-licensing new products, and pursuing partnerships. They also offer a comprehensive support for farmers’ operations, from production to sale, by providing a wide range of agriculture-related supplies, technologies and know-how. As part of business as a total solutions provider, the company conducts the rice business to produce and sell rice.
Meanwhile, Sumitomo is enhancing collaboration and increasing investments to expand overseas crop protection business. In alliance with the Australian agrochemicals company, Nufarm Limited, in which Sumitomo Chemical has a 23% stake, Nufarm and Sumitomo Chemical mutually distribute crop protection products in 30 countries. Through the collaboration with Monsanto Company in the crop protection business, sales of herbicide flumioxazin have increased. Moreover, Sumitomo reached an agreement in June 2016 to acquire a stake in Excel Crop Care Ltd., an Indian agrochemicals company, to strengthen business foundation in India. The company also aims to expand business of biorational crop protection products in which Sumitomo is leading the world, and to strengthen product lineup of microbial agricultural materials through corporate acquisitions, tie-ups and licensing-in.
Source: Sumitomo Chemical news release
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