Dow AgroSciences divests its European Dithane fungicide business to Mumbai, India-based Indofil Industries for undisclosed sum, providing Indofil exclusive rights to patented NT technology, related trademarks, Dithane registrations, customer contracts
Alison Gallant
INDIANAPOLIS and MUMBAI, India
,
March 5, 2012
(press release)
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Dow AgroSciences LLC, a wholly owned subsidiary of The Dow Chemical Company (NYSE: DOW - News), has divested its European Dithane® fungicide business to Indofil Industries Ltd. of Mumbai, India.
The agreement includes only Dithane® products sold in Europe and does not include other parts of the Dow AgroSciences’ Dithane business.
Indofil, part of India’s K.K. Modi Group, has purchased the rights and associated trademarks of Dithane® only in Europe, exclusive rights to use the patented NT technology and related trademarks in Europe, Dithane® registrations and data to support these, and the customer contracts which can be assigned.
“Dow AgroSciences remains committed to the Dithane® business in other parts of the world where we have production assets and are better able to compete over time,” says David Hindes, Global Fungicide Business Leader. “This divestment will allow us to focus our European investment on new novel chemistries in the future.”
“This is an exciting time for Indofil Industries in Europe, consolidating Indofil’s position in the European mancozeb market segment and making it a leading player,” says K.K. Modi, Group Chairman, K.K. Modi Group.
Indofil was the manufacturer and distributor of Dithane® in India for 40 years under Rohm and Haas. “Indofil is excited to welcome the Dithane product back in its portfolio, and is committed to growing the Dithane® market across Europe, through active collaboration with all partners,” says R.K. Malhotra, CEO, Indofil Industries Limited.
The companies are working together to ensure a seamless transition and minimal impact to customers, distributors, and dealers.
Financial terms of the agreement were not disclosed.
About Dow AgroSciences
Dow AgroSciences, based in Indianapolis, Indiana, USA, develops leading-edge crop protection and plant biotechnology solutions to meet the challenges of the growing world. Dow AgroSciences is a wholly owned subsidiary of The Dow Chemical Company and had annual global sales of $5.7 billion in 2011. Learn more at www.dowagro.com. Follow Dow AgroSciences on Facebook and YouTube or subscribe to our News Release RSS Feed.
About Indofil Industries Limited
Indofil Industries Limited, established more than four decades ago, headquartered in Mumbai, is a research-led, fully integrated agri-business company. Since 2007, Indofil has grown at an annual rate of 27%. With a state-of-the-art manufacturing set-up, an experienced R&D team, and a strong domestic and international distribution network, Indofil manufactures and sells crop protection products and specialty chemicals products across the globe. Indofil was the manufacturer and distributor of Dithane in India, for 40 years, under Rohm and Haas. Today, it leads the Indian Mancozeb market and exports Mancozeb formulations to more than 50 countries. Indofil was recognized as the “Best Company from an Emerging Region” at the AGROW awards, London, in 2010.
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