Gowan Co. has closed an agreement to purchase all the capital of Piemme S.r.l. from Giorgio Basile and other shareholders, representing 99.9% of the corporate capital in Piemme. Piemme S.r.l. is the indirect controlling shareholder of Isagro S.p.A. The transaction completed May 14 is the first step in Gowan’s plan to purchase all of the shares of Isagro S.p.A.
Isagro is the owner of several active ingredients, including copper hydroxide/oxychloride, tetraconazole and kiralaxyl globally. The company has been a partner of Gowan since 2013, according to a news release.
Gowan plans to move forward consistent with Italian law to launch – through its entirely owned subsidiary, Crop Demetra Limited – a mandatory tender offer to purchase all outstanding shares of Isagro. As Gowan and Isagro progress through the integration planning process, they plan to continue serving their customers and partners with the same level of focus and quality.
At the close of the transaction, Giorgio Basile, CEO and founder of Isagro, resigned from Isagro’s board and from management of the company, along with three other directors nominated by his holding company. Following the resignations, Isagro’s board voted to add Robert Sanchez, Lourdes Gonzalez, Thomas Flitsch and Samantha Lawrence, all put forward by Gowan, to the Isagro board.
Isagro’s board has appointed Roberto Bonetti as chairman and CEO of Isagro. He also served as Gowan’s business development manager – corporate investments since 2017.