Hunan Haili to acquire Chinese chemical research institute

Date:06-26-2014

Chinese agrochemical company Hunan Haili Chemical Industry Co., LTD recently released that the company plans to acquire 100% stake of Hunan Research Institute of Chemical Industry, with an offer of yuan 132 million ($21.2 million at current rate) from its own funds.

Founded in 1951, Hunan Research Institute of Chemical Industry holds the leading position in carbamate insecticide research. The institute also owns the patents for insecticide sulfoxime and herbicides Methiopyrisulfuron. The sales of the institute reached yuan 6.5 million ($1.0 million) from January to March in 2014.

Hunan Haili mentioned that this acquisition is to boost the company’s R&D capacities and perfect its production lines.