United Phosphorus Ltd has purchased the US-based Dow AgroScience LLC's oryzalin herbicide business, including Surflan, for $21.3 million.
The company has signed the agreement with Dow AgroScience for the purchase of right, title, associate trademarks, contracts and inventories of oryzalin herbicide business throughout the world, except Switzerland and the European Union countries, UPL informed the Bombay Stock Exchange, on Saturday.
The purchase includes all Surflan based pre-mixes, it said.
Under the agreement, the Gujarat-based company and its subsidiaries throughout the world can start selling Surflan immediately, except in Switzerland and EU countries, it added.
UPL said the purchase would add to the product portfolio of the company to expand its market presence in the segment of citrus, fruit and nut trees and specialty crop markets.
The consideration of $21.3 million paid for the business also includes inventories.