AgFeed acquires Guangxi Huijie Feed
AgFeed Industries, Inc. announced that it closed a share purchase agreement to acquire all of the shares of Guangxi Huijie Sci.&Tech. Feed Co., Ltd., for RMB 8,600,000 (approximately US$1.09 million) in cash. Funding for the acquisition was secured by a short-term loan to the company.
Guangxi Huijie Sci.&Tech. Feed Co., Ltd. was incorporated under the laws
of the People’s Republic of China on August 2nd, 2004, in Guangxi Province. The
company is engaged in the research & development, manufacture, marketing,
and sale of pre-mix feeds, concentrated feeds and blended feeds in China. It
offers multiple product brands and pricing levels to cater to all levels of
customers.
Currently, the company is mainly selling in provinces of south
China including Guangxi, Guizhou, Yunnan and fraction of Henan
province.
The unaudited financial results for the 9 months of the year
2006 of Guangxi Huijie Sci.&Tech. Feed Co., Ltd. show revenue of
approximately US$1.863 million and net profit US$0.276 million.
AgFeed
Industries, Inc. is engaged in the business of manufacturing and selling animal
feed for the animal husbandry markets in the eastern regions of China, including
sales of products to large pig farms and distributors.
The company has
two operating subsidiaries that manufacture pre-mix fodder and blended feeds
primarily for pigs, and are among the top producers of such products in their
respective regions in Jiangxi province and Shanghai City.
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