Sociedad Química y Minera de Chile S.A. (SQM) informed that it has embarked on a joint venture with Pavoni, the market leader in Sicily and one of the largest specialty fertilizer players in Italy.
“Our global expertise, and being the global market leader in the production and marketing of potassium nitrate with the smallest carbon footprint in the industry combined with Pavoni’s local know-how focusing on plant nutrition programs have come together to lead the precision farming fertilizer industry in Italy.Pavoni is a solid, reliable local player with a thorough understanding of the Italian market. I am very excited about this JV, which provides us with tremendous opportunities. It should enable both companies to meet specific local needs and to address new challenges in the specialty plant nutrition market in Italy. Our substantial investment program means that our production capacity is constantly growing and we are prepared to meet increasing market demands in Italy and worldwide”, said Frank Biot, Vice President of Potassium and Nitrate Sales at SQM.
“The key driver behind this partnership is the development of innovative products and practices for the national irrigation market”, said Cristoforo Pavoni, founder of Pavoni srl. “SQM is a global company and a leader in the production of potassium nitrate. We are very happy to work with them in this JV, which will allow us to grow and to become a pivotal player in improving the Italian agricultural practices”.
Full details of the JV were not released but it is understood that within the process of establishing the JV, SQM bought 50% of Pavoni srl shares.