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Sumitomo Chemical has agreed to buy the South American agriculture business of Australia’s Nufarm for just under $1.2 billion in cash. The deal includes Nufarm’s crop protection and seed treatment operations in Brazil, Argentina, Colombia, and Chile. The purchase builds on a relationship between the two firms: Sumitomo acquired a 20% stake in Nufarm in 2010. Nufarm says it will invest the proceeds in Europe and North America and to expand its seed genetics business, Nuseed.
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