Grupo KUO Sheds Phosphate Biz

Mexico’s industrial conglomerate Grupo Kuo has agreed to sell its Quimir phosphate business to chemical firm Mexichem for an undisclosed amount. Kuo plans to use proceeds of the sale to fund projects and pay down debt. Quimir had sales of about $160m last year and specializes in the production of industrial phosphates, used mainly in detergents. Mexichem plans to spend $300m on acquisitions in the near term in Mexico and LatAm.