Leading global crop protection company ADAMA Ltd. (the “Company”) (SZSE 000553) today reported it has entered into a non-binding memorandum of understanding (MOU) with Jiangsu Huifeng Bio Agriculture Co., Ltd (“Huifeng”) (SZSE 002496), a chemicals manufacturer located in Dafeng, Jiangsu Province, for the potential acquisition of key parts of its crop protection business.
Leading global crop protection company ADAMA Ltd. (the “Company”) (SZSE 000553) today reported it has entered into a non-binding memorandum of understanding (MOU) with Jiangsu Huifeng Bio Agriculture Co., Ltd (“Huifeng”) (SZSE 002496), a chemicals manufacturer located in Dafeng, Jiangsu Province, for the potential acquisition of key parts of its crop protection business.
With this potential acquisition, ADAMA aims to significantly enhance its business both globally and in China. Globally, ADAMA will gain access to backward-integrated and competitive positions in key molecules, which it intends to use to drive significant growth through its worldwide market reach. In China, Huifeng has a strong commercial presence and wide portfolio of product registrations which complement ADAMA’s, and thereby will bolster its position and offering in this key market.
Huifeng has been a supplier of intermediates and active ingredients to ADAMA and other leading global crop protection companies, until in March of last year when production at Huifeng’s sites was halted due to an investigation by environmental regulators.
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