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. The company, which is based in Beijing, has been expanding rapidly since it was founded by two former Monsanto executives and an American who had worked for the U.S. Department of Agriculture. 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.