Source: United Phosphorus Ltd. news release



United Phosphorus Ltd. announced that it has purchased a 100-percent stake through its subsidiary of Evofarms Group of Companies, a marketing company of generic products in the crop protection industry headquartered in Bogota,
Colombia. The share purchase includes all stocks, products registrations and all other property rights associated with the business of Evofarms.



Evofarms has several product registrations in Colombia and has a distribution network covering more than 100 customers. It is an all-cash offer and UPL will fund this through its cash accrual.



"After considerable growth both organically and through acquisitions in the USA, Argentina, Europe, and in India, UPL had been actively pursuing opportunities for growth in Latin America," said Jai Shroff, Chief Executive Officer of UPL. "Evofarms represents UPL's first acquisition in the Andean Region which is an interesting & fast growing Agchem market. This is the second acquisition in Latin America in the current fiscal year after Icona in July 2007. The acquisition of Evofarms is in line with UPL's strategy to aggressively grow its business globally, both organically and through acquisitions."



This is also UPL's third acquisition in the fiscal year, following its acquisition of the global rights of two tin compounds from DuPont and Icona in Argentina.