Gowan and Isagro Enter License and Supply Agreement for Kiralaxyl
18 November 2016
MILAN AND HARPENDEN - (Nov 18, 2016) - A License and Supply Agreement was finalized yesterday between Isagro and Gowan Crop Protection Limited for the long term marketing and development of the proprietary fungicide Kiralaxyl in Europe, thus strengthening the strategic alliance between Isagro and Gowan.
The agreement allows Gowan to be the exclusive licensee of all Kiralaxyl mixtures, existing and to be developed, in the European Union and Switzerland and includes an initial proceed for Isagro of around 5 million Euro already reflected in the marginal profit projected for the whole of 2016 as communicated on November 14th, 2016.
Gowan Crop Protection Limited (GCP) is a fully owned subsidiary of Gowan Company, L.L.C., which is a related party, as a minority partner in the controlling structure of Isagro. GCP, located in Harpenden, England, manages Gowan's expanding international operations.
Isagro, as a "small company" under the terms of Consob Regulation on Related Parties, applied the simplified procedure envisaged for less significant transactions, as provided in the procedure adopted by the company. Thus, such transaction was approved by the Board of Directors of Isagro at the meeting held on November 14th, 2016, following the favorable opinion expressed by the Independent Directors' Committee.