Sumitomo Corporation (President: Shingo Ueno, Headquarters: Chiyoda-ku, Tokyo) is a bio-pesticides manufacturing and sales company in Chile through Summit Agro South America, which engages in trade and wholesale of pesticides in South America.

We have agreed to invest in Bio Insumos Nativa (BIN).

This investment is scheduled to be completed after completing various legal procedures.

As the world's population increases, increasing the yield of agricultural crops is essential, and the use of pesticides and fertilizers is increasing year by year. As a result, the increased burden on the environment has become a major concern in the agricultural industry, and demand for biopesticides is increasing as a countermeasure. The market size will be 8 billion US dollars (approx. 12 trillion yen) in 2023, an increase of 16 times in 2018 from 500 million US dollars (approx. 75 billion yen) in 2005, and will reach 15 billion US dollars (approx. It is expected to grow to account for approximately 20% of the total agricultural chemicals market size of 75 billion US dollars (approximately 11 trillion yen). Particularly in Latin America, the market size of biopesticides is growing rapidly due to the registration system that supports the use of biopesticides and the expansion of their use by large-scale upland farmers such as soybeans, and is expected to expand at an average annual growth rate of 15% until 2029. is expected.

Aim of this investment and future developments

BIN is a biochemical manufacturing and sales company established in Chile in 2002. In the field of microbial pesticides, which the company focuses on, it is the largest player in the country's market, accounting for 30%. The company is currently the main supplier of biopesticide products handled by Summit Agro South America, and has proven its competitiveness in the market through existing transactions and development in Latin American countries, particularly Chile and Peru. In addition to the products currently on sale, there are several new biopesticides under development, and sales are expected to expand in the future. With this investment, we will be participating in the R&D/manufacturing field from a more market-in perspective. In addition, biopesticides have a lower environmental impact and have milder pesticidal effects than chemical pesticides, so we are working on agricultural management/technical guidance to help farmers use biopesticides more effectively, and we are working to provide biopesticides throughout the value chain.

Sumitomo Corporation Group's initiatives in the field of agrochemicals

The Sumitomo Corporation Group has been involved in the agrochemical-related business for over 40 years, and currently operates a sales and distribution business for agricultural materials such as pesticides and fertilizers in approximately 40 countries around the world, and is involved in agricultural production together with producers around the world. has contributed to In 2017, we invested in Futureco Bioscience SA, a biopesticides manufacturer in Spain, and have acquired know-how in biopesticides research and development, manufacturing/formulation processing, and a sales network. With this investment, we will acquire a broader product portfolio in the fields of biopesticides research and development, manufacturing/formulation processing, and further expand our handling products and sales customer network, expanding the value chain from upstream to downstream in the biopesticides market. We aim to grow into a group that provides comprehensive support. Leveraging the strength of our group's global network, we will work on sustainable agricultural production with an eye toward responding to megatrends such as environmental regulations and biodiversity.

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