Crop failure: Adama, a producer of crop protection chemicals, officially withdraws $400 million IPO

Adama Agricultural Solutions, the world's largest producer of off-patent crop protection chemicals, withdrew its plans for an initial public offering on Tuesday, citing changing company strategy. It had set terms for a $400 million IPO by offering 23.5 million shares at a price range of $16 to $18 in November 2014.

The Airport City, Israel-based company was founded in 1945 and booked $3.2 billion in sales for the 12 months ended September 30, 2014. It had planned to list on the NYSE under the symbol ADAM. Goldman Sachs, BofA Merrill Lynch, Citi, Credit Suisse, Deutsche Bank, HSBC Corporation and J.P. Morgan were set to be the joint bookrunners on the deal.