Rainbow buys 73% stake in Ningxia Grenada
Chinese company Rainbow Chemical has acquired a 73% stake in the Chinese chemical manufacturer, Ningxia Grenada. Ningxia Grenada’s major product is the glyphosate herbicide intermediate, N-(phosphonomethyl) iminodiacetic acid (PMIDA). Rainbow acquired the stake from Zhejiang Shenghua Biok, and plans to increase its share in Grenada in the near future. In the China Crop Protection Industry Association’s 2015 ranking of China’s top 100 pesticide manufacturers (based on last year’s agrochemical sales), Rainbow came in fourth place with revenues of Yuan 3,097 million ($499 million at the current rate). That company also claims to have been China’s lead pesticide exporter in 2014. Growth in its international markets has led to increased production demands, and Rainbow expects that this new acquisition will help it to “enrich” its product portfolio and diversify its production base. Rainbow last year unveiled plans to build a pesticide plant and distribution centre in Panama.