China Organic Agriculture has completed its previously announced acquisition of agricultural trading company Dalian Huiming Industry.
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The company acquired 60% of Dalian Huiming for US$10.6m in a cash transaction on 31 October, within the timeframe set by the company’s new chief executive officer, Jinsong Li.
“The completion of this acquisition marks an important milestone in the history of China Organic Agriculture,” said Li. “We’re now able to focus on the successful integration of Dalian Huiming into CNOA’s operations, allowing us to expand distribution channels and diversify our product offerings.”
The acquisition will be reflected in China Organic’s fourth quarter financial results.
Dalian Huiming is an agricultural trading company focusing on soybeans, corn, and cereal crops, with broad distribution and product lines expected to expand China Organic’s revenue-building opportunities.
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By GlobalDataChina Organic said it expects to gain operating efficiencies through the acquisition, while also “expanding the diversity” of the products it offers.
“The highly synergistic acquisition of Dalian Huiming dovetails perfectly into our expanded business model,” added Li. “We believe our plans to distribute soybeans and mushrooms under the recently acquired ‘Xiaoxinganling’ brand name will greatly benefit from China Organic’s enhanced reach and influence through Dalian Huiming.”
