Arysta acquires Volcano
Date:07-07-2008
Arysta LifeScience has acquired 100% stake in Callietha Investments, the parent company of a group of businesses including the South African generic agrochemical company, Volcano (Durban). The acquisition gives the company sole ownership of all Volcano companies.
Arysta acquired a 50% stake in the Callietha in 2005. It also acquired an option to buy the remaining shares in 2008 and exercised this option on July 1st. “Our investment in Volcano positions us to expand our business in southern Africa,” says Arysta’s chief executive officer, Chris Richards.
The CEO further says that “full ownership allows Arysta LifeScience to extend the Volcano product portfolio, establish additional formulation capability and extend partnerships in southern Africa”. Volcano opened a liquid formulation plant in Canelands, near Durban, last year. The company will open an additional wettable dry granules production facility at the same location later this month. Volcano also entered into a partnership agreement with the Cape-based fruit, grapevine and cereal crop protection products distributor, Nexus (Paarl), towards the end of 2007. Arysta says that the partnership has allowed Volcano to make significant inroads into this “highly sophisticated, export-oriented” market in southern Africa.
Arysta was itself acquired by Irish-based investment firm, Industrial Equity Investments, from investment firm Olympus Capital Holdings earlier this year.
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