Sumitomo’s agchem sales ahead at nine months
A good sales performance for herbicides in overseas markets and for insecticide-impregnated Olyset mosquito nets contributed to growth for Sumitomo Chemical’s agricultural chemicals division in the nine months ended December 31st 2010. Sales of the division, which includes feed additives, rose by 2% to ¥153,080 million ($1,858 million at the current rate). However, divisional operating profit fell by 14.4% to ¥15,595 million ($189 million) owing to the adverse effect of a stronger yen on export values, and increased fixed costs resulting from capacity expansion. Interim agrochemical figures are not given, but agrochemicals accounted for 62.1% of the division’s annual sales in 2009/10 ( Agrow No 594, p 5). During the third quarter, Sumitomo established a direct sales presence for its crop protection business in Vietnam ( Agrow No 606, p 6) and acquired Indian agrochemical company New Chemi ( Agrow No 607, p 4). It has recently become the sole owner of Italian distribution company Isagro Italia (see this issue).