OREANDA-NEWS. The signing ceremony for a strategic cooperation agreement among three parties, namely, Sinochem Group, Yangzhou Municipal Government and Jiangsu Yangnong Chemical Group Co., Ltd. was held in Beijing. Liu Deshu, President and CEO of Sinochem Group, Xie Zhengyi, Party Secretary of Yangzhou Municipal Committee, Pan Zhengyi, Vice President of Sinochem Group and Zhang Zenggen, CEO of Sinochem International Co., Ltd. were present at the ceremony.

The successful signing of this strategic cooperation agreement demonstrated that Sinochem Group and Yangzhou City reached principled consensus on the future development of Yangnong Group.

As early as in March 2012, Sinochem International acquired 40.53% of equity of Yangnong Group by acquisition and capital increase. On September 29 of this year, 0.06% of equities of Yangnong Group held by Jiangsu Jinmao Chemical & Pharmaceutical Group Co., Ltd. were transferred to Sinechem Group through gratuitous transfer. By then, Sinochem Group became the actual controller of Yangnong Group as its direct and indirect equities of Yangnong Group reached 40.59%.

In recent years, Sinochem Group has been constantly carrying out strategic transformation in two main business fields including agriculture and chemical engineering, and paying more attention to such key links of the industrial chain as pesticide and fine chemical engineering. Besides, Sinochem Group has been dedicated to providing market with excellent products and professional services, making great contribution to the upgrading of relevant industries in China. As a leading enterprise in domestic fine chemical engineering and pesticide fields, Yangnong Group boasts solid industrial foundation, abundant industrial experience and excellent R&D strength and industrial transition capacity, which highly tallies with the industrial development direction of Sinochem Group.

Since Yangnong Group has strong influence at home and abroad in such industries as benzene nitration and chlorination, epichlorohydrin, agricultural and sanitation dimethrin, Sinochem Group can enhance the industrial transition of relevant business and further improve its position and profitability by controlling this influential company - Yangnong Group.