Sichuan Hebang acquires stake in Israeli agrochemical co Stockton

Sichuan Hebang acquires stake in Israeli agrochemical co Stockton

5:15 AM, 4th July 2015
Sichuan Hebang acquires stake in Israeli agrochemical co Stockton
Stockton Group and Hebang Group officials complete sell, purchase agreement.

BEIJING, CHINA: Stockton Group, Israel and China’s Sichuan Hebang Corp Ltd said they have agreed for Hebang Group to acquire a 51 percent stake in Stockton Group for $90 million, enabling Stockton increased research and development capabilities and market penetration in the biofungicide market. This is the Hebang Group’s first investment outside of China. The transaction is expected to close within 90 days.

A public Chinese company The Hebang Group, is active in a variety of industrial activities, including the agrochemical industry. Stockton, a crop protection company and developer of botanical based biopesticides, developed its first environmentally-friendly biofungicide, timorex gold. The product is successfully sold in nearly 20 countries to treat a large number of crops, such as rice, coffee, grapes, tomatoes, bananas and a wide variety of other fruits and vegetables.

With this acquisition Hebang’s goal will “support Stockton’s growth as a global leader in environmentally-friendly biofungicides.” Stockton recently received a license to sell timorex gold in the US. The investment from Hebang will allow Stockton to accelerate its penetration into this and additional markets, as well as to advance the development of other environmentally-friendly products through ongoing cooperation with research and academic institutes in Israel and around the world.

Ziv Tirosh, Stockton’s CEO, said that the company is currently in the process of receiving regulatory approval in China, and the partnership with Hebang will assist with penetration into Asia.

According to the agreement, Stockton will continue to operate as an Israeli company with no change to its management, while the controlling shareholder of Hebang, He Zhenggang, will serve as the company’s chairman following the investment. Guy Elitzur, Stockton’s VP of finance and operations, led the efforts, together with attorney Esther Koren (CPA) from the law firm GKH, which has provided assistance to Stockton for many years. Hebang’s legal team included Joey Shabot from Greenberg Traurig LLP’s Israel office.

© Worldofchemicals News



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