Sep. 7, 2018
Jiangsu Youjia Crop Protection Ltd, a subsidiary of Yangnong Chemical is going to acquire in cash 100% of stakes in Jiangsu Baoye Chemical and Jiangsu Baoling Chemical (collectively referred to as “Baoye”).
The announcement shows that Baoye specializes in fungicide, in possession of 22 pesticide registrations. After the acquisition, the pesticide varieties of Yangnong Chemical will be much enriched. Baoye is geographically connected to Youjia Crop Protection, which is of help to the business extensions of Yangnong Chemical to the benefit of future development of the company.
Baoye’s main product portfolio includes mancozeb, zineb, propineb, metiram, polycarbamate, thiram and clofentezine. By the end of July of 2018, Baoye had total assets of Yuan134.4332 million, net assets of Yuan50.8082 million. Its business income from January to July 2018 was Yuan63.1889 million Yuan and profit was Yuan3.0162 million (data of current period, not audited).
The semi-annual report of Yangnong Chemical reveals sales of Yuan3.095 billion and net profit of Yuan563 million in the report period, respectively 54.63% and 122.28% up year on year.