(Yicai Global) Dec. 6 -- Adama is buying a 100 percent stake in Agrinova New Zealand, a supplier of plant growth solutions including nutrients, insecticides and growth regulators, for NZD37.5 million (USD23.8 million) to improve the Chinese agrochemicals giants’ product mix and positioning in the island country.

Unit Adama New Zealand signed the take-over deal with Wellington-based Agrinova yesterday, the parent firm, which is the sixth-largest agricultural chemicals supplier in the world and is owned by the China National Chemicals Corp., said the same day.

Agrinova's expertise in plant nutrients and growth regulators is aligned with Adama's planned expansion into emerging biological horticultural markets and will enhance the company's product range in sustainable food production, the Jingzhou, central Hubei province-based firm said.

Agrinova mainly serves field crops, such as wheat, maize and barley, and forage crops, on which animals graze on their own, in New Zealand. The acquisition will help Adama open up new local niche markets, it added.

Adama’s stock price [SHE:000553] was trading down 0.6 percent at CNY9.90 (USD1.42).

Editor: Kim Taylor