FMC to Acquire Cheminova

Auriga Industries has agreed to sell its wholly-owned subsidiary Cheminova to FMC Corporation.

The transaction is subject to approval by Auriga’s shareholders, as well as approval from relevant competition authorities. The transaction is expected to close in early 2015, followed by distribution of cash proceeds to shareholders in 2015.

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Founded in 1938, Cheminova is a commercial company with a diversified product portfolio and sales in more than 100 countries. The company is headquartered in Harboøre, Denmark, and employs more than 2,200 employees globally.

“In FMC, we have found a great new owner and the perfect industrial match,” said Jens Due Olsen, chairman of the board of Auriga and Cheminova. “FMC appreciates our manufacturing and formulation capabilities, our strong research, development and registration base, and global organization, and brings the scale and financial strength necessary to develop a true world leader within crop protection.”

“Cheminova is a company that we have long considered to be an attractive potential partner,” stated Pierre Brondeau, president, CEO and board chairman of FMC. “It follows a similar strategic approach to FMC in applying technology to deliver solutions to its customers, and has a highly complementary product portfolio and geographic footprint.

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“This transaction will broaden our Agricultural Solutions portfolio and significantly strengthen our market access in key agricultural end markets.”

Following the acquisition, FMC intends to continue to operate all current Cheminova manufacturing facilities, including active ingredient manufacturing facilities in Denmark and India and formulation facilities located in Denmark, India, Germany, Australia, Italy and the United Kingdom.

 

Source – Auriga Industries

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