P.M. BRIEFING : Upjohn to Sell Seed Subsidiary
From Times Wire Services
KALAMAZOO, Mich. —
Upjohn Co. said today it agreed to sell its 100-employee South African vegetable seed operation, Asgrow S.A., to local management.
However, Upjohn spokesman John P. Lambrechts said the company is not pulling out of South Africa and will continue operating its 150-employee Upjohn Ltd. pharmaceutical and animal health products business there.
Upjohn shareholders defeated a proposal at the company’s May 15 annual meeting for its withdrawal from South Africa and sale of interest in any affiliate there.
The company said in a statement it remains committed to social responsibility and change in South Africa’s segregationist government.
Sale of the seed operation was “strictly based on business reasons,” Lambrechts said.
