Agrochemical major United Phosphorus, through its UK subsidiary, has purchased 100% stake of Buenos Aires-based crop protection products manufacturer ICONA and ICONA San Luis.According to an official release issued by United Phosphorus to the BSE today, the acquisition via a share purchase agreement includes all stocks, products registrations, manufacturing sites and all other property rights associated with the business of ICONA.This acquisition provides the company with a much stronger platform to expand and strengthen its presence in Argentina. With the strong Agricultural commodity pricing the market is going to be very good in Argentina. ICONA has a very strong distribution network in Argentina. After considerable growth both organically and acquisitions in the USA, Europe, and in India, the company has been actively pursuing opportunities for growth in the other regions. The acquisition of ICONA is in line with company's strategy to grow its business globally both organically and through acquisitions, the release said.This is company's third acquisition in this calendar year following its acquisition of the Cerexagri group and the global rights to two tin compounds from DuPont.
