Sumitomo takes full ownership of large Brazil ag chemicals seller
Terms were not disclosed.
The Japanese company said in a statement that it is "looking to boost Agro Amazônia's operations by expanding its sales area, increasing the number of sales locations from the current 31 to accelerate expansion into surrounding states."
Agro Amazônia's chief executive Roberto Motta, one of its founders, said in a note to clients seen by Reuters that Sumitomo has no intention of making changes in its current management, signaling that he will stay in charge of the company.
Mato Grosso, which has an area that is two and a half times larger than that of Japan, is Brazil's largest producer of soybeans, corn, cotton and beef. ■