DuPont Crop Protection announced an agreement with Mitsui & Co., Ltd. (Mitsui) for DuPont to sell its global Kocide and ManKocide copper fungicide business assets to Mitsui.
The sale is expected to close in the fourth quarter of 2014, subject to approvals from applicable regulatory authorities. Financial terms o were not disclosed.
As part of the transaction, Mitsui will acquire DuPont Crop Protection’s global copper fungicide trademarks (including the DuPont brands, product registrations; registration data; manufacturing know-how (including process patents); certain third-party contracts; and DuPont’s Houston, Texas, copper fungicide production facility.
“This agreement is another step in the execution of our DuPont Crop Protection business growth strategy,” said Rik Miller, president, DuPont Crop Protection. “The agreement further enhances our focus on innovative new offerings that drive profitable growth both today and over the long term.” The company is selling or not investing in slower growth businesses.
Under the agreement, DuPont will continue to sell Kocide and ManKocide branded products within Asia Pacific exclusively for a period of up to five years under a supply and distribution agreement and also will continue to supply DuPont’s current copper fungicide mixture partner needs globally.
Kocide copper fungicides remain important fungal and bacterial disease management tools and are registered for use in more than 75 countries and in all major regions of the world. The most important crops for copper fungicides are grapes, citrus, olives, vegetables and fruits.
