Agrochemicals
UPL to acquire Yoloo Laoting Biotechnology
18th November 2019
Agrochemicals manufacturer UPL has entered into definitive agreements to acquire Yoloo Laoting Biotechnology, an agrochemical company based in Heibei province of China, for $13.3 million. Following completion of the deal, UPL will own a 75 per cent stake and while the remaining 25 per cent will be held by Beijing Yoloo.
With this acquisition, UPL will also have a formulation facility in China, which is one of the major crop protection chemical market. With this acquisition, UPL will strengthen its access in China market. Laoting Yoloo is engaged in the business of manufacturing, distribution and commercialisation of crop protection products in China. UPL will build on the relationships that Laoting Yoloo has cultivated by serving their existing customers with the wider portfolio of UPL products.
The acquisition will require regulatory approval from Foreign Investment Commission at Laoting country and Tangshan city level, registration with the Market Supervision and Administration Bureau at Laoting country level and filing with the State Administration of Foreign Exchange at Laoting county Level.
UPL, formerly known as United Phosphorus Limited, is an Indian multinational company that manufactures and markets agrochemicals, industrial chemicals, chemical intermediates and specialty chemicals besides offering crop protection solutions.
