Beijing, China
June 21, 2007
On June 13, 2007, approved by the
State Council,
Sinochem Corporation
(Sinochem) merged with China National Seed Group
Corporation (CNSGC) . CNSGC has become a wholly-owned
subsidiary of Sinochem.
The regrouping is complied with the principle stipulated by
State-owned Assets Supervision and Administration Commission of
the State Council on regrouping central enterprise for larger
and stronger enterprises; it meets the needs for integrating the
resources of the two enterprises, and is beneficial for both
parties' further development in terms of marketing network,
production, R&D, brand and funds, etc.; it reinforces the
control, influence and impetus of central enterprise in the seed
industry, and makes further contribution to increasing farmers'
harvest, ensuring stable grain supply and social harmony .
Sinochem Corporation, as one of the key state-owned enterprises
under the supervision of SASAC, has been listed in the "Fortune
Global 500" for 17 times, ranking 299th in 2007. In the
agricultural sector, Sinochem Corporation is now China's largest
fertilizer provider, manufacturing, distributing and marketing
all varieties of fertilizers. It also enjoys the leading status
in R&D, manufacturing and distribution of pesticide and other
agricultural products.
The merger will expand Sinochem's seed business, strengthen its
overall competitiveness in agricultural products, and
consolidate its leading position in China's agricultural sector.
The merger will also push forward the development of CNSGC with
more brand influence and larger marketing network. |
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