21st January 2005
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Company Announcement
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Settlement completed on Agripec investment; update on divestments
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Nufarm Limited confirmed today that final settlement has taken place in relation to its 49.9% equity investment in Brazil based crop protection company, Agripec. Nufarm’s ownership position is effective from August 1, 2004.
The investment, involving total consideration of US$120 million, will provide a platform for Nufarm to expand its presence in Brazil, the world’s second largest market for crop protection products. Agripec was forecast to generate sales of US$200 million for the 2004 calendar year.
As stated at the company’s Annual General Meeting on December 9, guidance on the forecast earnings from Agripec will be updated when Nufarm reports its interim results (for the six months ending January 31, 2005) at the end of March.
The company also confirmed that it has completed the divestment of its US based Nufarm Specialty Products subsidiary. The divestment, which took the form of an asset sale, realised US$31 million and the company will book a related one-off profit on the sale at the half year.
Discussions are continuing with respect to the sale of Nufarm’s SEAC (France) pharmaceutical intermediates business, but this divestment will not be completed in the first half.
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Further information:
Robert Reis
Corporate Affairs
Phone (61 3) 9282 1177
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