ADAMA, Huifeng Reach Milestone in Crop Protection Joint Venture
ADAMA Ltd. and Jiangsu Huifeng Bio Agriculture Co., Ltd. have announced that, in the context of the prior announcement made on January 10, 2019, they have entered into a strategic joint venture for the commercialization of Huifeng’s portfolio of formulated crop protection products in the Chinese market. Under the joint venture, ADAMA will be acquiring a 50% stake in Shanghai Dibai Plant Protection Co., Ltd., a wholly-owned subsidiary of Huifeng focused on the sale and distribution of formulated crop protection products in China.
The entering into of this joint venture is a key milestone in advance of a larger transaction in which it is envisaged that ADAMA will acquire Huifeng’s agrochemical business located at its main site in Dafeng, Jiangsu, as announced earlier this year.
The parties signed the joint venture agreement at a ceremony held today in Shanghai in the presence of Ning Gaoning (Frank Ning), Chairman of Sinochem and ChemChina, as well as Dai Yuan, CPC Party Secretary for Yancheng city where Huifeng is headquartered.