Sumitomo takes full ownership of large Brazil ag chemicals sellerStaff Writer | October 10, 2018
Japan's Sumitomo Corp said on Tuesday that it had acquired the remaining 35-percent stake it did not already own in Agro Amazônia, a leading agricultural products supplier in Brazil's No. 1 soy producing state of Mato Grosso.
LatAm 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. ■