In April 2007 Cheminova acquired the controlling interest in the Hungarian company Kerolagro (subsequently renamed Cheminova-Magyarország) with an option to acquire the remaining shares within the following five years. Cheminova has now exercised that option.
Kerolagro's activities date back to 1995 and over the years the company established itself as a professional and strong distributor of plant protection and plant nutrition products for both crop and non-crop markets in Hungary. This positive development was accelerated from 2007 and onwards as Cheminova's products were added to the product portfolio and Cheminova-Magyarország became an integrated part of Cheminova's regional sales and marketing structure in Europe. Consequently, Cheminova-Magyarország's turnover has since 2007 almost tripled, thanks in part to the introduction of new, innovative products such as the insecticide gamma-cyhalothrin and the herbicide beflubuthamid.
Under the full ownership of Cheminova, Cheminova-Magyarország will henceforth continue to expand and fortify its position in the Hungarian market. As well as continuing to promote and develop its existing, broad product portfolio, Cheminova-Magyarország will in the coming years be introducing a range of new products, including many from Cheminova's development pipeline.
The acquisition of the remaining shares will not have any significant impact on Cheminova's results in 2009.
October 23, 2009
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