Jiangsu Changqing to expand with new subsidiary and acquisition
Chinese company Jiangsu Changqing Agrochemical will establish a wholly owned pesticide subsidiary, Jiangsu Changqing Biotechnology, with a registered capital of Yuan 60 million ($9.8 million at the current rate). Changqing Biotechnology will then use Yuan 7.2 million ($1.2 million) of its own funds to purchase the pesticide business of Chinese company Nantong Fengtian Chemical. Nantong Fengtian will no longer engage in pesticide manufacturing. Jiangsu Changinq is a pesticide manufacturer and retailer that ranked 18th in the China Crop Protection Industry Association’s 2014 top 100 pesticide companies classification. This acquisition will help Jiangsu Changqing to be more competitive in the pesticide formulation business, the company says. It recently invested in active ingredient manufacturing projects, including those for the herbicides, S-metolachlor and cyhalofop-butyl.