The Dow Chemical Co., a subsidiary of DowDuPont, announced Dec. 1 the successful closing of the previously announced divestment of a select portion of its Dow AgroSciences' corn seed business in Brazil to CITIC Agri Fund for a purchase price of $1.1 billion. The sale is part of the required regulatory remedies of the DowDuPont merger transaction, which closed on Aug. 31, 2017.
The divestiture scope includes four corn seed production sites and four research centers, along with a copy of Dow AgroSciences’ 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 12 months.
The Agriculture Division of DowDuPont will retain Dow AgroSciences’ 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 DowDuPont is moving forward with a comprehensive and balanced portfolio and a robust pipeline of innovative solutions across seed, crop protection, seed-applied technologies and digital agriculture,” the company said. “The intended independent Agriculture Company will be a global industry leader with a continued strong presence in Brazil, better positioned to serve growers around the world with a superior portfolio of innovative solutions, greater choice and competitive price for value.”