Sumitomo, one of the largest Japanese business groups, agreed to acquire the South American unit of Nufarm, an Australian agricultural chemical company headquartered in Melbourne, for $803m in cash. "We have a very capable management and commercial team in South America who have built a strong distribution network and loyal customer base. This is reflected in the growth and stabilisation of earnings in the business over the past five years. This transaction represents compelling value for Nufarm shareholders and will provide an opportunity to refocus on other parts of the business where we can generate higher margins and stronger cash flow." Nufarm Managing Director and CEO, Greg Hunt.