Auckland-New Zealand cooperative fertilizer marketer and manufacturer Ballance Agri-Nutrients said July 7 that it will acquire the remaining 60 percent stake it does not own in Summit Quinphos from the Sumitomo Corp. Summit, an importer and distributor, says that it is New Zealand’s third largest fertilizer company. Summit was established in 1989, with Sumitomo becoming a shareholder in 1995 and Ballance in 2000. Summit operates nationally in New Zealand and employs 98. Ballance expects Summit to provide synergy benefits in excess of $2 million a year. Sumitomo said it has decided to refocus its attention to growth opportunities in Asia.
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