UDPL Signs Non-Compete Agreement with US-Based Company, Receives $6 Million

United Distributors Pakistan Limited (UDPL) has announced that it has entered into a non-compete agreement with FMC Corporation, a US-based company incorporated in Delaware, concerning certain overlapping business activities. According to a disclosure filed with the Pakistan Stock Exchange, FMC Corp has agreed to pay UDPL $6 million under the arrangement. The company confirmed that the payment has been received. The agreement also covers business activities related to FMC United (Private) Limited. UDPL is engaged in the manufacturing of pesticides and fertilizers. Following the announcement, shares of United Distributors Pakistan Limited (UDPL) rose to Rs. 93.95, gaining Rs. 5.99 or 6.81%. According to the company’s website, UDPL was established in 1981, initially serving as a distribution partner for global agricultural firms including Dow Agri Sciences, FMC, and Pioneer. In 1991, UDPL entered into joint ventures with FMC and Pioneer, playing a key role in expanding their businesses in Pakistan before they established local subsidiaries.