United Phosphorus buys Argentinian firm

United Phosphorus Limited (UPL), the country's largest agrichem company, today announced acquisition of Argentina-based crop protection products maker, ICONA, in an all cash deal for $10 (Rs 40 crore).

ICONA is a debt free company, having more than 35 registrations in Argentina. It posted revenues of $13 million last year.

This is UPL's third acquisition in 2007. The first two were Cerexagri and the global rights of two tin compounds from DuPont.

Jai Shroff, Chief Executive Officer of UPL said: "This acquisition provides UPL with a much stronger platform to expand and strengthen its presence in Argentina. ICONA has a very strong distribution network in Argentina. After considerable growth both organically and acquisitions in the US, Europe, and in India, UPL has been actively pursuing opportunities for growth in the other regions. The acquisition of ICONA is in line with UPL's strategy to grow its business globally both organically and through acquisitions."

UPL has built a marketing network across the globe and its international revenues account for over 70 per cent of its total revenues. It exports to over 100 countries, the primary markets being Europe and North America.