Punjab Chemicals acquires Argentina-based co

Tuesday, December 26, 2006, 9:17 [IST]

New Delhi, Dec 24 (UNI) Punjab Chemicals&Crop Protection Ltd has said its Belgium-based wholly-owned subsidiary SD Agchem (Europe) NV has signed an agreement to acquire Argentina-based Sintesis Quimica (SQ) for 10 million dollars.

Post the agreement signed with the promoters of the foreign company, SQ has become the subsidiary of SD Agchem (Europe) NV and the company.

SQ has two state-of-the-art manufacturing facilities on the outskirts of Buenos Aires. The company is engaged in agro chemicals, formulations and industrial products.

SQ's net profit stood at 1.5 million dollars for the financial year ending June 2006 over sales of 16 million dollars.

UNI CS RL BD1255

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