United Phosphorus acquires Argentina's ICONA for $10 million

Mumbai: United Phosphorus Ltd has, through its UK subsidiary, acquired 100 per cent stake in Argentina's ICONA and ICONA San Luis S.A., a manufacturer and distributor of crop protection products, for $10 million.

The share purchase includes all stocks, product registrations, manufacturing sites and all other property rights associated with the business of ICONA. It is all cash offer and the company will find this through its internal accruals, the company said in a filing with the Bombay Stock Exchange (BSE).

Buenos Aires-based ICONA is a debt free company, having more than 35 registrations in Argentina. It has a strong manufacturing base at Capilla del Senor, near Buenos Aires and at Justo Daract in San Luis.

ICONA and ICONA San Luis SA have combined revenue of $13 million, the statement added.

ICONA has its own distribution network covering more than 1,000 customers. For the year ended September 30, 2006 ICONA reported consolidated revenues of $13 million. The total cost of acquisition for the company is $10 million and the acquisition is effective July 18.