Brazil: Divestment of Businesses Dow Agro Sciences Sells Part of Corn Hybrid Seed Business to CITIC Agri Fund
The Dow Chemical Company, a subsidiary of Dowdupont, announced the successful closing of the previously announced divestment of a select portion of its Dow Agro Sciences' corn seed business in Brazil to CITIC Agri Fund for a purchase price of $ 1.1 billion.
Midland/USA — The sale is part of the required regulatory remedies of the Dowdupont merger transaction, which closed on August 31, 2017.
The divestiture scope includes four corn seed production sites and four research centers, along with a copy of the Dow Agro Sciences’ Brazilian corn germplasm bank, certain commercial and pipeline hybrids, and the Morgan trademark. CITIC Agri Fund also received a license to the Dow Sementes trademark for twelve months. The Agriculture Division of Dowdupont will retain Dow Agro Sciences’ Brazilian corn germplasm bank and the remainder of its corn seed production sites and research centers, commercial and pipeline corn hybrids and other related assets.
With the completion of this divestiture, the Agriculture Division of the group is consolidating its business of seed, crop protection, seed-applied technologies and digital agriculture. The intended independent Agriculture Company will maintain a strong presence in Brazil.