United Phosphorus Ltd (UPL) has informed us that the company has purchased 100% stake through its subsidiary of Evofarms group of Companies (Evofarms), a major 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 over 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. Evofarms represents UPL’s first acquisition in the Andean Region which is an interesting & fast growing Agchem market.