Sinochem to consolidate pesticide businesses
Sinochem International, a subsidiary of Chinese state-owned chemical giant Sinochem Group, will spend Yuan 970.2 million ($158.5 million at the current rate) to consolidate and unify the group’s diverse pesticide businesses. Some Yuan 331.5 million ($54.2 million) will be used to purchase a 51% stake in Sinochem Agro, held by parent company Sinochem, while Yuan 318.5 million ($52 million) will go towards acquiring the remaining 49% share from the Shenyang Research Institute of Chemical Industry (SYRICI). Sinochem Agro was known as Sinochem Shanghai before it was rebranded in 2012. The company recently launched a range of seed treatment products.