UPL Limited (UPL) announced the completion of its acquisition of Arysta LifeScience Inc. (Arysta) from Platform Specialty Products for $4.2 billion. The completion of the transaction, which was signed in July 2018, marks a major step in the history of UPL. The acquisition further strengthens UPL’s position as a global leader in agricultural solutions, with approximately $5 billion in combined sales and EBITDA of around $1 billion.
In pursuit of its long-term vision to be a world leader in the global food network, UPL also launched its new purpose, called ‘OpenAg’. It stands for open minded partnerships and creating win-win partnerships, thus broadening the space to create value along a wider food production network.
“Through our purpose of OpenAg, we aim to transform agriculture by creating an open agriculture network that feeds sustainable growth for all,” says Jai Shroff, global CEO of UPL.
Shroff further adds: “UPL will offer broader choice, greater value and increased sustainability to secure the world’s food supply. With a diverse portfolio and enhanced global reach, we believe that new UPL will be among the most innovative, exciting and admired companies in our industry.”
“Farmers need technologies that help them to be more resilient and that enhance performance in light of the climate change and the sophisticated food systems,” Shroff says. “We believe that UPL can offer a portfolio of technologies in the field from crop protection to innovative hybrid platforms. Our combined biosolutions pipeline signals the dawn of a new era in sustainable agriculture as a part of integrated pest and nutrition management programs.”
The transaction received unconditional regulatory approvals from authorities across the globe and the company has already announced global, regional and country leadership teams for the integrated entity. Integration is running ahead of plan and the entire management team is focused on value creation and securing synergies post-closing.
UPL is making the acquisition through its international arm UPL Corporation Ltd, and a new board has been constituted for the entity, bringing in a wealth of experience with varied skills and backgrounds to drive the organization forward.