United Phosphorus acquires Colombian marketing firm Evofarms

Mumbai: Agrochemicals company United Phosphorus Ltd (UPL) has acquired 100-per cent stake in Colombian marketing firm Evofarms group, for an undisclosed sum, in an all-cash deal.

UPL acquired Bogota, Colombia-based, Evofarms markets crop protection generics, and has several product registrations in the country, along with a distribution network, United Phosphorus (UPL) said in a release.

UPL made the acquisition through its subsidiary in Columbia.

Evofarms group (Evofarms), a major marketing company of generic products in the crop protection industry, has several product registrations in Colombia and has a distribution network covering over 100 customers.

UPL said it would fund the all-cash deal through its own accruals.

After considerable growth - both organic and through acquisitions - in the US, 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 and fast growing Agrochem market, the company said.