SHANGHAI, CHINA and ST. LOUIS, USA (Jan. 21, 2008)-Sinochem International Corporation (Shanghai Stock Exchange: 600500) and Monsanto Company (NYSE: MON) today announced that Sinochem and its subsidiaries have signed agreements with Monsanto's Asia and India subsidiaries for the acquisition of Monsanto's butachlor and alachlor businesses and certain other assets.
Under the terms of the agreements, Sinochem will purchase the assets associated with Monsanto's butachlor and alachlor businesses and certain other assets in the Philippines, Thailand, Vietnam, Taiwan (China), India, Pakistan and Bangladesh, subject to certain customary closing conditions. Sale or transfer of assets of Monsanto??s India subsidiary is subject to the approval of its India shareholders.
"Selechem herbicide is one of our core businesses. We are confident of the promise that the Butachlor and Alachlor businesses present, especially since we are acquiring category-leading, high end brands which are very well fitted in our long term agrochem strategy,"said Mr. Li Dajun, President of Agrochem business, Sinochem International.
"We believe that Sinochem's demonstrated expertise in the chemical sector is an asset to this business and their strategic focus should enable this business to reach its full potential," said Sekar Natarajan, India Region Lead, Monsanto.
"As a company that is focused on discovering and delivering higher-yielding seed and trait technologies to farmers throughout the world, we believe that the butachlor and alachlor businesses would be better served in the hands of a party that is primarily focused on delivering innovations in chemistry," said Andre Dias, Asia-Pacific Region Lead, Monsanto.