IQV acquires 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. That means 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. Sumi Agro 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).