Cheminova acquires full ownership of CropTech
Source: Cheminova news release
Cheminova acquired the controlling interest in the Colombian company CropTech in December 2005 with an option to acquire the remaining shares within the following five years. Cheminova has since increased its stake in CropTech gradually, and Cheminova will now exercise its option to acquire the remaining shares in CropTech.
CropTech has since its inception in 2003 developed into a successful sales and marketing company in the Colombian market for plant protection products, reaching sales of about $20 million. Furthermore, CropTech has established its presence in the neighbouring markets in the Andean region.
Under the full ownership of Cheminova, CropTech will henceforth continue to expand and fortify its position in the Andean markets. As well as promoting and developing its existing, broad product portfolio, CropTech will be expanding its portfolio in the coming years by adding new products from Cheminova's development pipeline.
CropTech will change name to Cheminova Colombia.
The acquisition of the remaining shares will not have any significant impact on Cheminova's results in 2008.
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