UPL Limited, an Indian multinational company that manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals, and also offers crop protection solutions, has entered into definitive agreements to acquire 100% shares of Yoloo (Laoting) Bio-technology Co., Ltd. (“Laoting Yoloo”), an agrochemical company based in Hebei Province, China, from Beijing Yoloo Bio-Technology Corp., Ltd (“Beijing Yoloo”). In the Subsidiary, UPL will own 75% stake and Beijing Yoloo will hold a 25% stake.
Laoting Yoloo is engaged in the business of manufacturing, distribution and commercialization of crop protection products in China. China is one of the major crop protection chemical market and with this acquisition UPL will strengthen its access in China market. Laoting Yoloo was incorporated in the PRC on June 23, 2015 and has its registered office in Hebei Laoting Economic Development Zone, PRC.
UPL will build on the relationships that Laoting Yoloo has cultivated by serving their existing customers with the wider portfolio of UPL products. With this acquisition, UPL will also have a formulation facility in China. The closing of this transaction is subject to satisfaction of customary closing conditions and regulatory approvals.
The acquisition is expected to be complete by April 2020.
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