Sumitomo Corporation  has announced an agreement with Agro Amazônia Produtos Agropecuarios to acquire the remaining 35% of the company’s shares, making Sumitomo the sole owner of the company. Sumitomo has worked to expand Agro Amazônia since 2015 with the goal of becoming the sole owner.

Sumitomo has invested in Agro Amazônia by offering its wide variety of services including corporate finance, product procurement and company management. Agro Amazônia will reach 1.1 billion Brazilian Real in revenue in 2018, about two times higher than that of 2015. This rapid growth is attributed to the support Sumitomo has offered since their initial equity investment.

“Sumitomo has greatly contributed to the growth of the Agro Amazônia and the sustainable  development of agribusiness,” said Roberto Motta, President and CEO of Agro Amazônia. “We are providing solutions to our customers through high quality products and services for better productivity, profitability and sustainability in their businesses.”

AgroAmazônia will aim to procure further business growth, strengthen relationships with suppliers and  enhance peripheral functions using the now-available Sumitomo business network. Sumitomo does not intend to change Agro Amazônia’s management structure or policy during this acquisition.