Zhejiang Wynca to set foot in seed business

According to a latest announcement of Board of Directors of Chinese company Zhejiang Wynca Chemical, the company is prepared, via share transfer and capital increase to acquire a 51% stake in Shandong Xinfeng Seed Co., Ltd (Xinfeng Seed), thus becoming the controlling shareholder of Xinfeng Seed.

Xinfeng Seed is a seed developer, with scope of business covering crop breeding research, seed breeding, production and marketing of seed products. The company currently maintains 7 crop breed varieties, including 2 “national approved varieties” and 6 “exclusive varieties”.

Up until end 2011, the total assets of Xinfeng Seed has reached Yuan 99.59 million; in 2011 Xinfeng Seed has achieved a primary income of Yuan 45.16 million and a net profit of Yuan 2.47 million.

"Our input in Xinfeng Seed demonstrates the company’s initiatives toward diversified development and further researches into biotechnology-oriented industries,” said by a management of Zhejiang Wynca.

Zhejiang Wynca is one of China’s largest agrochemical enterprises and Asia’s largest glyphosate producer, its pesticide business income in 2011 reached Yuan 2.44 billion.