Indian chemical company Punjab Chemicals & Crop Protection Limited has acquired an 89% stake in Argentinean chemical and biological products manufacturer Síntesis Química for Ps28 million (approximately $9.1 million).

The Argentinean owners of Síntesis Química—whose products are mainly sold to companies in the leather and agriculture sectors—will retain the remaining 11% and will serve on its board of directors.

Through the deal, the company—which currently has an annual turnover of approximately $45 million—hopes to achieve 100% growth in the next five years through the reopening of its Florencio Varela factory in Buenos Aires, which has been unused for many years, increasing its workforce and setting up joint ventures with overseas companies to increase exports.

Punjab Chemicals currently runs five manufacturing facilities in India and employs 1,000 people. It sells agrichemicals (58%), industrial chemicals (31%) and pharmaceutical products (11%) and recorded annual turnover of $58 million in 2006.