IQV buys Sumi Agro Europe's IQV Agro stake
Spanish agrochemical company Industrias Químicas del Vallés (IQV - Barcelona) has purchased Sumitomo Corporation’s subsidiary Sumi Agro Europe‘s 25% holding in its subsidiary, IQV Agro Spain. Previously, Agrow reported that the acquisition was of a Sumitomo Chemical holding, a company with which IQV has no equity connection. The move means that the Spanish company makes a complete takeover of the enterprise. “This operation is part of the growth plan of IQV,” company chief executive officer Pau Relat says. IQV saw 15% increased sales to €91.8 million in 2011 ($112.3 million at the current rate – Agrow No 635, p 7). The company is opening an agrochemical division subsidiary in China, and launching business in markets such as Costa Rica and South Africa. Sumitomo acquired the stake in IQV Agro in 2004, adding its copper-based products to the company, while gaining access to IQV´s Spanish plants ( Agrow No 472, p 1).