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Nufarm’s expansion in Europe will not see a reliance on glyphosate
Dec. 8, 2017
Questions raised in Europe about the safety of glyphosate herbicide are unlikely to greatly affect Nufarm’s bottom line.
Nufarm chairman Donald McGauchie told the company’s annual general meeting in Melbourne today glyphosate sales in Europe were expected to account for only $9 million of $250 million of revenue expected with the first full year of ownership of the Century portfolio of chemicals acquired from Adama and Syngenta.
In response to a question from the Australian Shareholders Association, Mr McGauchie said he was pleased that European Union member states had renewed registration of glyphosate for the next five years.
He said it was scientifically proven that glyphosate was not carcinogenic, as claimed by some environmental groups.
“We are disappointed the glyphosate registration was not extended for 15 years,” he said.
“It has clearly become a political rather than a science-based decision.”
Nufarm is expanding its presence in the European market, with two key acquisitions during the past six weeks.
The company announced in late October it was acquiring the Century chemical portfolio from Adama and Syngenta for $627 million and in early November, it struck a deal to buy a European portfolio of cereal broadleaf weedkillers from FMC Corporation for $US90 million (about $118 million).
Nufarm managing director Greg Hunt told the AGM the two acquisitions would reposition the company among its European peers in the crop protection market.
Mr Hunt said the Century range included 50 crop protection formulations used in 29 European countries.
“This portfolio is being divested by Adama and Syngenta to meet European Commission requirements relating the acquisition of Syngenta by ChemChina,” he said.
“The Century products represent an excellent strategic fit for Nufarm, aligning closely with the core crops and countries that we are targeting under our strategy.”
Mr Hunt said the Century group of chemicals should generate revenue of about $250 million in the first full year of ownership.
Source: The Weekly Times
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