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Nufarm acquires Yorkshire chemicals manufacturer

By Nick Britton on March 07 2008

Crop protection company Nufarm has raised A$200 million (£93 million) via its listing on the Australian Stock Exchange to make two overseas acquisitions. The larger of these is AH Marks, a Yorkshire-based chemicals manufacturer specialising in phenoxy herbicides, which are used in weed control.

Nufarm will pay £74.6 million for AH Marks, consisting of £46.5 million in cash with the balance set against the company’s existing debts. Revenues for the acquired business were £62 million last year, three-quarters of which came from export sales.

North Carolina-based Etigra is Nufarm’s second acquisition. The company, which supplies crop protection products mainly within the US, generated revenues of US$34 million (£16.9 million) last year.

Nufarm expects the two businesses to contribute approximately A$5 million net profit in the current financial year.

AH Marks employs 300 people and operates from a single site near Bradford. In addition to its crop protection business, it generates 15 per cent of its revenues through sales of chemicals to the petrochemical manufacturing industry.

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