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Business deals

Trade war sparks $650m Sumitomo Chemical deal in South America

Japanese company to buy Australian agrichemical peer's soybean-focused assets

Soybean plants stretch to the horizon on a farm in Barreiras, Brazil, the world's largest exporter of the crop.   © Reuters

TOKYO -- Sumitomo Chemical will buy the South American operations of Australian agrichemical maker Nufarm for roughly 70 billion yen ($650 million), the Japanese company announced on Monday, in a deal partly driven by the U.S.-China trade war.

The move in soybean farm products, first reported by Nikkei, will expand the small South American footprint of one of the leading Japanese chemical groups, lifting the region above North America as the top contributor to revenue in the segment.

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