Tokyo, Japan and Limburgerhof, Germany – June 11, 2014 – 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 division.
“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 (Tokyo:4183, 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 €5.2 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.comor 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 €74 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 at www.basf.com.
|BASF||Mitsui Chemicals Agro, Inc|
|Brady Spangenberg||Shinji Ueno|
|Tel.: +49 621 60 28761||Tel. +81 3 3573 9562|