The company terminated a decade-long deal with Nufarm.
ST LOUIS, US: Monsanto awarded a potentially lucrative contract to distribute its crop protection products in Australia and New Zealand to China’s Sinochem, a day after terminating a decade-long deal with Nufarm. The move builds on existing ties with Sinochem that involve the Chinese state-owned chemicals giant selling Monsanto’s Roundup brand in China and the Philippines. It also marks the biggest push by Sinochem into the Australian market since it abandoned a $2.62 billion takeover bid for Nufarm in 2009.
Sinochem will become sole distributor of Roundup in Australia and New Zealand in September, but can start selling it on a non-exclusive basis three months earlier. “Sinochem has been an excellent global partner and we believe they will do an outstanding job serving our customers in Australia and New Zealand through this new agreement,” said Mike Frank, Head of international row crops and global vegetable business, Monsanto.
© Dow Jones News
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