UPL names new leadership team for merged entity
Mumbai : Following its decision to acquire Arysta LifeScience, global crop protection products firm UPL on Thursday announced a new leadership of the merged entity with the new executive team to be led by the company's global CEO Jai Shroff.
A company release said that Vikram Shroff will be the Executive Director of the consolidated organisation which will be strategically organised in seven regions in different parts of the world.
In July this year, UPL had announced that its wholly-owned subsidiary UPL Corp had signed a definitive agreement with Platform Specialty Products Corporation to acquire Arysta LifeScience Inc. and its subsidiaries.
The release said that the appointments will be effective upon the completion of the proposed transaction, which is expected early 2019, and the completion of the proposed transaction is subject to obtaining regulatory approvals and the satisfaction of other customary closing conditions.
UPL said on Thursday that Arysta LifeScience President Diego Casanello will take over as the Chief Operating Officer (COO) for the crop protection business of New UPL.
Ajit Premnath, who is currently COO of crop protection, will assume the role of Business Mentor, Crop Protection, "focusing on mentoring Casanello to take over the COO role", the statement said.
It also said that the current COO (Global Strategy Innovation) Carlos Pellicer will now be the COO Integration, Global Strategy and Special Growth Initiatives.
Listed in India, UPL Ltd had a market capitalisation of $5.3 billion as on October 31, 2018. For 2018-19, the company reported operating revenue of $2.7 billion and earning before interest, taxes, depreciation and amortisation (EBITDA) of $543 million.