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Huaxing Chemical expands agchem production
Aug. 20, 2008
The initial phase of a joint venture with Xingnuo Chemical (Anhui) to produce 40,000 tonnes/year of the glyphosate intermediate, N-(phosphonomethyl) iminodiacetic acid (PMIDA), is set to begin a trial run at the end of August. By the end of 2008, the company also hopes to begin work on a project to raise its glyphosate production capacity to 20,000 tonnes/year. It is due for completion in 2009. A project to manufacture 150 tonnes/year of the herbicide, fenoxaprop-P-ethyl went into operation in July. The company is considering large-scale production of the insecticide, fipronil, as several foreign patents for the active ingredient expired in June, opening up the market for generic products from Chinese competitors.
As a result of these projects, the company predicts earnings per share to rise from Yuan 1.76 ($0.26) in 2008 to Yuan 2.06 ($0.3) in 2010. Huaxing Chemical recorded impressive agrochemical sales results in the first six months of 2008, showing more than three-fold growth year-on-year.
Source: AgroNews
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