UniPhos acquires Colombian firm

This is the company's 2nd buy in S America.

United Phosphorus (UniPhos) today acquired Colombia-based Evofarms Group of Companies, a generic product marketing company in the crop protection industry, for an undisclosed amount.

The company has entered into the share purchase agreement, which includes all stocks, products registrations and all other property rights associated with the business of Evofarms, through a subsidiary, the company informed the Bombay Stock Exchange.

"The acquisition is an all-cash offer and United Phosphorus will fund this through internal accruals," the release said. Evofarms has several product registrations in Colombia and has a distribution network covering more than 100 customers.

This is the company's second acquisition in Latin America this financial year after Icona in July 2007. "The acquisition of Evofarms is in line with UniPhos' strategy to aggressively grow its business globally - organically as well as through acquisitions," it added.

UniPhos is the largest Indian agrochemical player and among the top three generic players globally in the industry.

It is engaged in research, manufacture and distribution of agrochemicals and specialty chemicals worldwide.