Acron sold its subsidiary holding 50.5% shares in China’s Hongri-Acron, the Russian fertilizers company said on Wednesday.
An investment and industrial company from Hong Kong acted as a buyer, Acron said.
"In line with Acron Group’s long-term development strategy, we decided to sell our stake in Hongri Acron plant in China and focus on further development of our Russian production assets. Nevertheless, China has been and will remain our key partner and a priority market to sell our products outside Russia. For this reason, Acron Group will maintain its strong presence in China turning our efforts to advancing the local distribution network Yong Sheng Feng, which has been successfully selling Russian fertilizers under Acron brand in the Chinese market for eight years," Acron’s Board Chairman Alexander Popov commented on the deal.
Acron specializes in production of mineral fertilizers.
First published by TASS.
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