Mitsui Chemicals Agro, Inc. (MCAG) and BASF Sign Agreement for New Insecticide
TOKYO, JAPAN and LIMBURGERHOF, GERMANY -- (Marketwired) -- 06/11/14
-- Mitsui Chemicals Agro, Inc. (MCAG) and BASF announced today the
signing of an exclusive global development and license agreement for
a new insecticide (MCAG's development code "MCI-8007").
Under the terms of the agreement, MCAG has granted BASF a worldwide,
exclusive license to commercialize the new insecticide, except in
Japan and some other countries where MCAG will hold the exclusive
and/or co-exclusive rights.
Featuring a new mode of action, the active ingredient will provide
growers and pest management professionals with a unique and
attractive solution. It will also be an important rotation partner in
managing insect resistance.
Intended use applications for the new insecticide include leafy
vegetables, fruiting vegetables, soybeans and other legumes, cotton,
corn and rice as well as urban pest control settings. It will control
many problematic insects, including caterpillars and beetles in
specialty and row crops as well as termites, ants, cockroaches and
flies in the professional pest management market.
"BASF is committed to delivering innovative insect control solutions
to growers and pest management professionals. This new,
highly-effective active ingredient enhances BASF's insecticide
pipeline, providing complementary chemistry to our current and future
solutions," said Markus Heldt, President of BASF's Crop Protection
"This new molecule was discovered by MCAG. We are very glad that the
joint development has been started with BASF on a global basis. MCAG
believes that this new insecticide can contribute to the improvement
in food production and living environment in the world," said
Takehiko Kanai, President of MCAG.
Both companies intend to develop unique formulations for specific
markets and applications. Significant research over the next three
years will continue, with the first registration submission in 2016
for Japan, with other markets following in 2017.
The agreement remains subject to relevant governmental approvals.
Additional details of the agreement were not disclosed.
About Mitsui Chemicals
Mitsui Chemicals (ISIN:JP3888300005), which traces its roots back to
1912, has an annual sales of US$ 15,660 million in the fiscal year
ending March 2014 and more than 135 companies with 14,500 employees
in 27 countries. As one of Japan's leading chemical companies, Mitsui
Chemicals contributes broadly to society by providing high-quality
products and services to customers through innovations and creation
of materials and products while keeping in harmony with the global
environment. Mitsui Chemicals' business portfolio includes
healthcare, automotive materials, food packaging, energy,
agrochemicals, and others.
Mitsui Chemicals' global agrochemical business is operated by its
100% subsidiary, Mitsui Chemicals Agro, Inc. who supplies innovative
agrochemicals for crop protection and pest management. The company
always stands for customer's view, offers "Very safe", "Highly
functional", and "Environmentally friendly" products and services,
and contributes to the sustainable agriculture.
Latest group news
can be found at www.mitsuichem.com.
About BASF's Crop Protection division
With sales of more than EUR5.2 billion in 2013, BASF's Crop
Protection division provides innovative solutions in crop protection,
seed treatment and biological control as well as solutions to manage
water, nutrients and plant stress. Its portfolio also includes
products for turf and ornamental plants, pest control and public
health. BASF's Crop Protection division is a leading innovator that
supports growers to optimize agricultural production, improve their
business efficiency and enhance the quality of life for a growing
world population. Further information can be found on the web at
www.agro.basf.com or through our social media channels.
BASF is the world's leading chemical company: The Chemical Company.
Its portfolio ranges from chemicals, plastics, performance products
and crop protection products to oil and gas. We combine economic
success with environmental protection and social responsibility.
Through science and innovation, we enable our customers in nearly
every industry to meet the current and future needs of society. Our
products and solutions contribute to conserving resources, ensuring
nutrition and improving quality of life. We have summed up this
contribution in our corporate purpose: We create chemistry for a
sustainable future. BASF had sales of about EUR74 billion in 2013 and
over 112,000 employees as of the end of the year. BASF shares are
traded on the stock exchanges in Frankfurt (BAS), London (BFA) and
Zurich (AN). Further information on BASF is available on the Internet
Tel. +49 621 60 28761
Mitsui Chemicals Agro, Inc.
Tel. +81 3 3573 9562
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