Jiangsu Yangnong Chemical to set up subsidiary
Dec. 13, 2012
Chinese agrochemical company Jiangsu Yangnong Chemical Co., Ltd. announced that it will set up a holding subsidiary based in coastal economic development zone, Rudong County, Jiangsu Province.
The subsidiary is tentatively named for Jiangsu Youjia Chemical Limited Company, mainly specialized in the production and sales of pesticides, intermediates, chemical products and chemical industrial equipments. The registered capital of the new company is around RMB 200 million, among which Jiangsu Yangnong Chemical Co., Ltd. funds RMB 180 million, accounting for 90% of registered capital, the rest RMB 20 million is from Yangzhou Tianping Chemical Limited Company, accounting for 10% of registered capital, both sides are in cash contribution.
Yangnong Chemical is the largest productive base for pyrethroids in China, with production capacity of hygienic insecticide pyrethrin reaching 3000 tons per annum, occupying 70% of the domestic market share, global sales ranked second. It is also the major supplier of agricultural used pyrethrin in domestic market with production capacity around 4000 tons per year.
Yangnong Chemical indicated that the establishment of the new company is expected to become the company's new production base. This investment will help the company to accelerate new product development, product upgrading and enhance market competitive power.
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