Chinese agricultural company Longping High-Tech Agriculture will start building new seed plants in Brazil next year to add to its four existing facilities. It wants to increase its market share to 5%, after forecasting expansion of 30% a year in the Brazilian corn market. Longping, part of the state-owned CITIC Group, is also planning to set up research centres for corn seeds, as well as develop new soy and sorghum seeds. Longping bought its Brazilian corn business for $1.1bn from DowDuPont last year.
Chinese agricultural company Longping High-Tech Agriculture will start building new seed plants in Brazil next year to add to its four existing facilities. It wants to increase its market share to 30%, after forecasting expansion of 5% a year in the Brazilian corn market. Longping, part of the state-owned CITIC Group, is also planning to set up research centres for corn seeds, as well as develop new soy and sorghum seeds. Longping bought its Brazilian corn business for $1.1bn from DowDuPont last year.