Agchem Maker Adama Strikes China Deal | Chemical & Engineering News
Volume 92 Issue 40 | p. 20 | Concentrates
Issue Date: October 6, 2014

Agchem Maker Adama Strikes China Deal

Department: Business
Keywords: agricultural chemicals, IPO

Adama, the Israeli agrochemical firm formerly known as Makhteshim Agan, is buying a number of Chinese agchem businesses from its parent, ChemChina, in advance of an initial public offering on the New York Stock Exchange. Adama is paying ChemChina, which owns 60% of Adama, $623 million for the businesses, including debt. Together the businesses being acquired generate annual sales of $850 million, which will bring Adama’s sales to almost $4 billion annually and advance the firm’s goal of being the world’s largest supplier of off-patent crop protection chemicals. Adama plans to close the transaction in the first half of next year, following its IPO.

 
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