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French SFP joins ADAMA to strengthen its PGR and fungicide presence in Europe
Nov. 5, 2019
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IsraelADAMA Ltd. (SZSE 000553) announced on Nov. 4th it will acquire French-Swiss crop protection company SFP.
SFP, based in Aix en Provence, France and in Sion, Switzerland, was founded in 1987 and has developed strong, focused positions in key products in Europe, most notably in the plant growth regulator and fungicide segments. Plant growth regulators influence the development of crops, harmonizing their growth and preparing them for harvest. Such products are highly valued by farmers and widely used in agriculture and gardening, constituting a $375 million market in Europe.
SFP's products are highly complementary to ADAMA's European portfolio, and with ADAMA's strong commercial network throughout the continent, are poised to drive significant growth for the Company going forward. In addition, certain active ingredients in SFP's products are also manufactured by ADAMA, providing the potential to benefit from the competitive cost, quality assurance and traceability provided by backward integration.
Bertrand Lombard, ADAMA VP Southern Europe said, "We are extremely pleased to welcome SFP to ADAMA. SFP has built an attractive portfolio of straight and differentiated mixture products that have carved out compelling positions in France and other key European countries. We are now looking forward to taking the business to the next level, leveraging our commercial presence across Europe."
The transaction is ADAMA's second in Europe this year, underlining its commitment to further enhancing its business in this important market. It is subject to customary closing conditions and expected to close within the coming weeks. Financial details of this transaction were not disclosed.
Source: ADAMA
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