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Summit Agro Australia closes after Sipcam dealqrcode

Nov. 20, 2007

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Nov. 20, 2007
The Australian subsidiary of Japanese trading company Sumitomo Corporation, Summit Agro Australia (Sydney, New South Wales), is to become a "dormant" company after a deal with Italian agrochemical company Sipcam is completed, Sumitomo says. Sipcam's subsidiary, Sipcam Pacific Australia (Geelong, Victoria), is taking over the operations of Summit Agro Australia, including product registrations, stocks and sales rights. As part of the deal, Sumitomo will take a minority stake in Sipcam Pacific Australia. All Summit Agro staff have been made redundant. The combination of the two product ranges "positions Sipcam as one of the leading suppliers of proprietary technology to the Australian agchem market", says Damien Ryan, general manager of Sipcam Pacific Australia. Prior to the alliance agreement, Summit Agro had sold its shares in the Australian distribution company, DFC Agri Services, to its partner, Pursehouse Rural.
Yifan Biotechnology Group Co., Ltd.
Source: Agrow
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