Belchim Crop Protection will be taken over by a Japanese company. On 6 December 2019, Mitsui & Co. Ltd. and the Belgian crop protection manufacturer signed a deal agreeing to this. The Japanese business will acquire a majority share in Belchim.
Mitsui is a subsidiary of Certis Europe. This company also makes crop protection products. The Japanese company will secure Belchim's shares as well as its subsidiaries. Until recently, the Putteman family owned these shares. However, Belchim's Founder and CEO, Dirk Putteman passed away in 2018. The company then ran into financial difficulties.
Gradual transfer
Belchim's majority shares will be acquired in two phases. During the first, 30% of the company's shares will be taken over. This take-over will be done together with the taking over of management control.
The remaining 32% of Belchim's shares will be acquired in February 2021. The remaining shares (38%) will be in the other shareholders' hands. These are ISK Biosciences Europe N.V./S.A., a branch of Ishihara Sangyo Kaisha Ltd., and Mitsui Chemicals Agro, Inc.
During the first take-over phase, Belchim will continue functioning as an independent business. CEO, Johan De Saegher, announced the new share ownership allows the company to continue implementing its strategy. Belchim wants to focus on the European and North American markets.