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May 17, 2011
12:04 EDTSEEDOrigin Agritech to establish joint venture in Xinjiang for seed production
Origin Agritech (SEED) announces plans to establish a joint venture company in Xinjiang for seed production and distribution. The venture will be with a prominent local, state-owned partner, Xinjiang Jinbo Seed. Facing increased demand for certain seed varieties, the company expects to spend up to U.S. $15M in investment for a 51.0% ownership stake to build an additional state-of-the-art center to produce, process, package, and sell high quality seed products for the domestic China market. With the completion of new facility, Origin will double the seed conditioning and production capacity. Furthermore, the joint venture will open up marketing channels to distribute Origin hybrid products to the northwest region in China. These additional sales are incremental to Origin's existing sales while possessing the same gross margins. Origin will possess the exclusive joint venture partnership with this local partner in Xinjiang.
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