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Red Sun to acquire Chongqing Zonbon, intermediate 2,3-Dichloropyridine to be attained as a strong supplement to its product portfolio
Dec. 14, 2018
Nanjing Red Sun Co.,Ltd.
ChinaFollow
China
Recently, leading Chinese agrochemical company Red Sun announced the acquisition of 100% stake in Chongqing Zonbon at a price of 1.186 billion yuan.
The prime product of Chongqing Zonbon is 2,3-Dichloropyridine, which is an important intermediate for broad applications to medicine and daily-use chemicals. Red Sun Group undertakes that the audited after-tax net profit of Chongqing Zonbon from 2018-2020 should not be less than 64.49 million yuan, 84.77 million yuan and 112.14 million yuan, respectively.
According to financial figures, the business income and net profit of Chongqing Zonbon in 2017 was 98.5073 million yuan and 13.3040 million yuan, respectively, while that of the first 10 months of 2018 was 198 million yuan and 45.1365 million yuan, respectively.
Red Sun says that the 5th generation environment-friendly pesticide has been developing rapidly over recent years and the prime product of the company is expected to become an important intermediate of the 5th generation environment-friendly pesticide, which has great future prospects. In the meantime, the product will increase the synergistic effect of the existing superior industry chain of the company and will play an important role in the promotion of upgrading insecticides toward the development of new generation environment-friendly pesticides.
From the industry chain perspective, the industry chain of Chongqing Zonbon will increase the synergistic effect of the superior industry chain of Red Sun. From the product line perspective, the product line of Chongqing Zonbon will be an important complementarity to the existing product line of Red Sun. While the patents of multinationals are going to expire, the product line of Chongqing Zonbon will pave the way for Red Sun to develop its future business.
Source: AgroNews
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