The long-term strategic collaboration allows UPL to access key markets before the patent expires, in order to commercialize FMC Corporation’s main insecticide, Rynaxypyr active.
Pursuant to the agreement, UPL will manufacture and contract Rynaxypyr to FMC in India, and FMC will supply the active ingredient to UPL on a market basis. The agreement adds a key product portfolio to UPL’s business and helps FMC maximize the penetration of this important active ingredient.
Rynaxypyr is considered a reduced risk pesticide due to its favorable toxicological and environmental profile. It is a useful tool for farmers in integrated pest management systems. This offers producers the opportunity to implement more sustainable solutions, supporting UPL’s mission to make every food product more sustainable.
“We are very pleased to be working with FMC on this mutually beneficial agreement. This collaboration clearly demonstrates our commitment to our OpenAg goal of creating an agricultural network that fuels sustainable growth for all, ”said Jai Shroff, Global CEO of UPL. “Quick access to Rynaxypyr formulations in key markets allows UPL to offer producers more sustainable product choices,” said Diego Casanello, COO of UPL. “This agreement allows us to add a new basic active ingredient to our portfolio and to develop a new family of innovative and high added value solutions for farmers.
“We are delighted to embark on this strategic relationship with UPL, adding a new global partner to our diamide growth strategy,” said Mark Douglas, President and CEO of FMC. “This is an important collaboration for FMC to extend our advanced diamide technology to various geographies and cultures with differentiated formulations. FMC has continued to develop diamides significantly since their acquisition in late 2017, including once again achieving double-digit year-over-year growth. in 2020. We expect the diamide franchise to continue to grow above market rates, and our strategic partners are an important part of that growth. ”
On a consolidated basis, UPL announced a 12.6% jump in net profit to Rs 944 crore on a 2.6% increase in net sales to Rs 9126 crore in the third quarter of fiscal 21 compared to the third quarter of fiscal year 20.
UPL shares lost 0.53% to Rs 587.10 on BSE. UPL is a global provider of sustainable agriculture products and solutions.
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(This story was not edited by Business Standard staff and is auto-generated from a syndicated feed.)
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