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Vilmorin redefines its partnership with the Chinese company Longping High-Tech
Vilmorin redéfinit son partenariat avec la société chinoise Longping High-Tech



Paris, France
February 1, 2011

Vilmorin and the Chinese investment company Hunan Xindaxin Co. Ltd have signed an
agreement according to the terms of which Vilmorin Hong Kong Co. Ltd (a Vilmorin
majority-held subsidiary) will sell all its shares (amounting to 46.5% of the capital) in their
joint holding company that holds a 21% stake in Longping High-Tech (“LPHT”).
The net value of this transaction, subject to approval from the Chinese authorities, can be
estimated to be around 70 million Euros.

At the same time, Vilmorin and LPHT have defined a framework agreement which lays
down the guidelines for the creation, management and governance of a new joint venture
that will focus as a priority on field seeds, in particular corn and wheat.
This joint venture will be responsible for developing new hybrid corn seeds for the Chinese
market, and for their production and distribution. This agreement will also require prior
approval from Chinese administration.

“By positioning its cooperation programs directly with Longping High-Tech on a
more operational level, Vilmorin is adapting its current organization to changes that
have occurred in the Chinese agricultural sector. Asia, and China in particular,
remains at the heart of Vilmorin’s strategic priorities. In this sense, internal growth
through our own direct sites, and partnerships with important local seeds
companies, one of which is Longping High-Tech, remain the two priority orientations
in our development policy for field seeds and vegetable seeds in this zone”, Adrian
HUIGE, Vilmorin’s CEO, stated.

Based in Changsha, in the province of Hunan, LPHT is one of the main Chinese seeds
companies with strong positions in hybrid rice seeds and cereal seeds. LPHT has been
listed on the Shenzhen stock market since 2000, and had consolidated sales of more than
130 million Euros in 2009-2010 (excluding chemicals activities).


Vilmorin redéfinit son partenariat avec la société chinoise Longping High-Tech

Vilmorin et la société chinoise d’investissement Hunan Xindaxin Co. Ltd viennent de conclure un accord au terme duquel, Vilmorin Hong Kong Co. Ltd (filiale majoritaire de Vilmorin) cédera à celle-là la totalité de ses titres (soit 46,5 % du capital) dans leur holding commune de participation ; il est rappelé que cette dernière détient une participation de 21 % dans Longping High-Tech (« LPHT »).

En cours d’autorisation auprès des autorités chinoises, cette transaction peut être évaluée à ce jour à un montant net estimé à 70 millions d’euros.

Parallèlement à cette opération, Vilmorin et LPHT ont défini un accord cadre établissant les modalités de création, de gestion et de gouvernance d’une nouvelle co-entreprise axée prioritairement sur les semences de grandes cultures, en particulier le maïs et le blé.
Cette joint-venture sera en charge du développement de nouvelles semences hybrides de maïs à destination du marché chinois, de leur production et de leur commercialisation. Cet accord devra également obtenir l’agrément préalable de l’Administration chinoise.

« En repositionnant plus opérationnellement ses coopérations avec Longping High-Tech, Vilmorin adapte son dispositif actuel aux évolutions du secteur agricole chinois. L’Asie, et en particulier la Chine, restent au cœur des priorités stratégiques de Vilmorin. En ce sens, croissance interne grâce à nos implantations directes et partenariats avec des semenciers locaux d’importance auxquels appartient Longping High-Tech, demeurent les deux axes privilégiés de notre politique de développement en semences de grandes cultures et potagères sur cette zone» a déclaré Adrian HUIGE, Directeur Général Délégué de Vilmorin.

Basée à Changsha, province du Hunan, LPHT constitue l’un des principaux semenciers chinois avec des positions notables en semences de riz hybride et de céréales. Cotée à la Bourse de Shenzhen depuis 2000, LPHT a réalisé en 2009-2010 un chiffre d’affaires consolidé de plus de 130 millions d’euros au titre de son activité semencière.
 

More positions from:
    . Vilmorin & Cie.
    . Longping Hi-Tech Agriculture Co. Ltd.

Posted from February 1, 2011 until -
SeedQuest reference number: 14366

 
 
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