UPL acquire Chinese agrochemical company Laoting Yoloo

UPL to acquire Chinese agrochemical company Laoting Yoloo

9:36 AM, 20th November 2019
UPL-Ltd-logo

MUMBAI, INDIA: UPL Ltd through one of its subsidiaries at Hong Kong, has entered into a definitive agreement to

(i)acquire 100% shares of Yoloo (Laoting) Bio-technology Co Ltd, an agrochemical company based in Heibei Province, China, from Beijing Yoloo Bio-Technology Corp and

(ii) issue 25% shares out of its Subsidiary to Beijing Yoloo.

Laoting Yoloo Bio-technology Co, Ltd has more than 100 product registrations, about 1200 distributor contacts, and 240+ employees. As world’s largest food producer, China is an important market for UPL.

Laoting Yoloo has built strong relationships with multinational companies over many years and has developed a large customer base. As a UPL affiliate, Laoting Yoloo will benefit from UPL's progressive offerings, broad financial resources, global footprint, product technology, manufacturing know-how, and leading market presence. UPL will gain from Laoting Yoloo's broad distribution base, product registrations and access to the Chinese domestic market creating a strong footprint for growth in China.

The company also intends to optimize Laoting Yoloo's manufacturing facilities to augment our global production capabilities. UPL will build on the relationships that Laoting Yoloo has cultivated and serve their customers with a wider portfolio.

Commenting on the acquisition, UPL’s Global CEO Jai Shroff said, “Through our purpose “Open Ag”, our goal is to create an open network for agriculture, activating connections across the world’s agriculture system. It aims to power new levels of sustainable growth – for farmers, for producers, for customers, for partners and for societies everywhere. UPL’s acquisition of Laoting Yoloo will enhance our ability to achieve this purpose”.

“Farmers need technologies that help them to be more resilient and enhance performance even in the face of climate change, and to meet the increasing demands of ever more complex food systems,” added Shroff.

 © Worldofchemicals News

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