Sumitomo to acquire New Chemi Ind

Date:12-20-2010

Looking to expand its presence in the crop protection products space in the Indian market, Japan's Sumitomo Chemical Company said 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, a statement issued by the company said.

SC Enviro Agro India Pvt Ltd was earlier known as House Hold Remedies Pvt Ltd -- a company involved in the manufacture of agricultural chemical intermediates -- and was owned by New Chemi Industries. Sumitomo acquired a 90 per cent stake in the company in May, 2000, following which its focus was shifted to household insecticides and agricultural chemicals.