Beijing, Xinhua Press 20 June (By Reporter Runfeng Yao)] The merger and acquisition of China Sinochem Group Corporation (Sinochem Group hereafter) and China Seeds Group Corporation (China Seeds Group hereafter), the two central enterprises under the administration of State-owned Assets Supervision and Administration Commission of State Council, has been given approval, and China Seeds Group will be merged into Sinochem Group and became full-owned subsidiary enterprise.
The reporter had the news from Sinochem Group on 20th June. The regrouping is complied with the principle stipulated by State-owned Assets Supervision and Administration Commission of State Council on regrouping central enterprise for larger and stronger enterprises, and also it meets the needs for integrating the resources of the two enterprises, and is beneficial for both parties of further development in terms of marketing network, production, R&D, brand and funds, etc. and reinforce the control, influence and impetus of central enterprise in seeds industry, and make further contribution to increasing farmers’ harvest, ensuring stable supply of grain and the harmony of the society.
Sinochem Group is one of the earliest enterprise groups placed on the list of the World 500 Strongest Enterprises launched by “Fortune” magazine in our country, and it was selected on the list for the 16th time in 2006. The corporation is one of the four large-sized national petrol companies in the country, and also the largest enterprise integrating manufacturing and distribution of chemical fertilizer nationwide, as well as the leading marketing sevice provider of chemical products.
China Seeds Group is the leading enterprise integrating R&D, production and operation of seeds and high quality agricultural by-products in our country. According to the scope of mainstay stipulated by State-owned Assets Supervision and Administration Commission for central enterprises, the core businesses of China Seeds Group are crop seeds, R&D for seeding, production and distribution; relevant agricultural production material and by products, production and distribution.
In the April of this year, Sinochem Group and Shenyang Research Institute of Chemical Industry, another central enterprise, have been regrouped, and it will be merged into Sinochem Group and became a full-owned subsidiary enterprise of Sinochem. Shenyang Research Institute of Chemical Industry has strong advantages in R&D of pesticide, and the sound foundation for further development in pesticide marketing and brands, and further strengthened the capacity of Sinochem in agricultural pesticide business.