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Sumitomo Chemical bets on Latin America in ¥70B deal with Nufarm

Sumitomo Chemical Co. Ltd. plans to buy four subsidiaries of Australia-based crop protection company Nufarm Ltd. in Brazil, Argentina, Chile and Colombia for about ¥70 billion.

The deal will help expand Sumitomo Chemical's crop protection revenue in South America and surpass its North American revenue, the Japanese company said. The two parties have already worked in collaboration to develop certain products, which Sumitomo Chemical said will benefit from the deal.

Brazil-based Nufarm Indústria Química e Farmacêutica S/A is part of the transaction.

The deal is expected to complete in the first half of 2020, subject to Nufarm shareholders' approval in December and other customary closing conditions.

As of Sept. 27, US$1 was equivalent to ¥108.15.