Sipcam and Nihon form Brazil jv
Japanese company Nihon Nohyaku (Tokyo) and Italian company Sipcam (Milan) have formed a 50:50 joint venture in Brazil, Sipcam Nichino Brasil. The venture was formed in September last year to develop, market, distribute and formulate agrochemicals. The business’ 2013 turnover totalled some R$326 million (US$130 million at the current rate). The deal builds on Sipcam’s 35 years of operating in the country added to Nihon’s R&D knowhow developing proprietary products, proving “substantial synergy”, the companies say. The entity operates from Uberaba in Minas Gerais state. UPL (formerly United Phosphorus) sold its half of the joint venture, Sipcam UPL Brasil, to its partner, Sipcam, earlier last year. That partnership began with the Indian company’s acquisition of Italian agrochemical company Isagro’s 50% stake in the previously named Sipcam Isagro Brasil in 2011.