Sumitomo Chemical Co., Ltd. of Tokyo, Japan, today announced the completion of the acquisition of Abbott's agricultural products business. A new company, Valent Biosciences Corporation, has been created to operate the business.

"Valent Biosciences, based in Libertyville, Ill., will have a global focus and will operate as an independent subsidiary of Valent U.S.A. Corporation, which is also owned by Sumitomo,'' explained Mike J. Borel, president, Valent U.S.A. Corporation.

"Our goal is to bring value to our customers through technology-driven crop production, public health and forestry products and services,'' said Michael D. Donaldson, president, Valent Biosciences. "As a stand-alone company, Valent Biosciences will focus solely on agriculture, forestry and public health, which will help us better provide new products, formulations and services that contribute to our customers' success.''

Under the transaction, Sumitomo acquired research and development, sales, marketing and support operations for Abbott's entire line of naturally-occurring biopesticides, plant growth regulators and other products for agriculture, public health and forestry. Abbott Laboratories will continue to manufacture bulk active ingredients for Valent Biosciences. Financial terms of the transaction were not disclosed.

Valent Biosciences will continue to offer leading brands such as ProGibb®, Promalin®, ReTain®,
DiPel®, XenTari®, DiTera(TM), Foray®, VectoBac® and VectoLex®. In addition, Sumitomo offered employment to all the people who worked in Abbott's agricultural products organization. "Over the years, these dedicated sales, technical, business, and operations personnel helped the organization build a solid reputation as a leader in the industry,'' said Donaldson. "Our customers can be assured that Valent Biosciences will carry on the high standards and commitment to quality they've always known.'' 

Company news release
N2418