Sumitomo Corp to acquire Brazilian agchem distributor
Japanese conglomerate Sumitomo Corporation has agreed to acquire a controlling 65% stake in Brazilian agricultural inputs distributor, Agro Amazônia Produtos Agropecuários (Cuiabá). The investment would provide Sumitomo an entry point for “multifaceted” distribution of products and services offered to farmers in the Brazilian agribusiness, Sumitomo says. Agro Amazônia distributes pesticides, seeds, fertilisers among other inputs largely in the Mato Grosso state, the major state for arable crop production, but also increasingly in neighbouring states. The company aims to more than double its revenues to over $500 million by 2019. The company employs almost 300 staff, and has 25 Brazilian sales outlets, all but two of which are in Mato Grosso state.