Huifeng Agrochemical to make glufosinate acquisition
Chinese company Jiangsu Huifeng Agrochemical will invest Yuan 269 million ($43.4 million at the current rate) in a majority 51% stake in the Chinese chemical company, Shijiazhuang Ruikai Chemical. Ruikai has 18 pesticide formulation registrations, and 16 for agrochemical technical material. Its main product is the herbicide, glufosinate-ammonium, and Huifeng Agrochemical believes that this acquisition will bolster its herbicide portfolio. Ruikai has forecasted net profit of Yuan 18.1 million ($2.9 million) in 2015, and hopes to achieve net profit of some Yuan 46 million ($7.4 million) by 2018. Huifeng Agrochemical was among ten companies to have won the Chinese newspaper Farmer’s Daily’s “best company brand” award this year.