The Dow Chemical Company, a subsidiary of DowDuPont (DWDP) has successfully completed the sale 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 August 31, 2017.
The divestiture scope includes four corn seed production sites and four research centres, along with a copy of the 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 centres, commercial and pipeline corn hybrids and other related assets.
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