American Vanguard, Huifeng subsidiaries establish agro tech JV

American Vanguard, Huifeng to form agro tech JV in Hong Kong

7:59 AM, 3rd August 2016
American Vanguard, Huifeng subsidiaries to establish agro tech JV

NEWPORT BEACH, US/DAFENG CITY, CHINA: American Vanguard Corporation (AVD) said that its international subsidiary, AMVAC Netherlands BV, has joined with Chinese-based Huifeng Agrochemical Company Ltd’s Subsidiary Shanghai Focus Biological Technology Co Ltd to establish a technology R&D-focused joint venture (JV) based in Hong Kong.

This enterprise, Huifeng AMVAC Innovation Co Limited will focus on technology transfer between the co-owners, including the development of new, proprietary agrochemical formulations and precision application systems for crop protection.

Through a series of joint service agreements, Huifeng AMVAC Innovation Co Limited will provide a platform for the co-owners to leverage each company’s technological capabilities. Additionally, each owner will benefit from the other party’s established market experience in their respective home territories. Such deep understanding of diverse market segments in Asia and the Americas provides the owners with an outstanding foundation for continued international success.

The new venture is structured with each party owning 50% and it is expected that this entity will grow through additive technology investments in upcoming years. AMVAC's Asia president, Lawrence Yu, will assume overall responsibility for the company as the managing director supported by Li Ping as CFO.

“This new venture is a springboard for our strategic international expansion initiative. In Huifeng, we have found a highly successful, innovative technology-based, extremely well-positioned partner with which to pursue a mutually beneficial collaboration. Huifeng's president, Zhong Hangen has led his company to become one of the fastest growing, most profitable and dynamic agrochemical companies in China,” said Eric Wintemute, chairman & CEO of American Vanguard.

“This venture will allow Huifeng to work closely with a very successful crop protection company that has considerable presence in the Americas market. AMVAC clearly has the skilled talent, manufacturing capabilities and product portfolio to contribute greatly to this partnership. With many tremendous growth opportunities globally, I look forward to seeing this venture expand and evolve with additional technology investments,” said Zhong Hangen, president & founder of Huifeng.

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