Pesticides Manufacturer Adama Raised $240 Million on Shenzhen Exchange
The company said it plans to use the funds to build a formulation plant in China and to expand its manufacturing facilities in Israel, Brazil and the U.S.
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Adama manufactures and markets crop-protection products such as herbicides and insecticides. Formerly named Makhteshim-Agan, the company is the product of a 1997 merger between two Israeli companies—Makhteshim, founded in 1952, and Agan, founded in 1945. In 2011, the company was acquired by ChemChina Group, rebranding in 2014 as Adama. In 2017, Adama merged into Shenzhen-listed Hubei Sanonda Co. Ltd. The company employs 6,600 people and markets its products in more than 100 countries.
Chen Lichtenstein, Adama CEO. Photo: Amit Sha'al
In a statement, Adama said it intends to use the funds to finance planned the building of a formulation plant in Huai'An, and to expand the company’s manufacturing facilities in Israel, Brazil and the U.S.
Investors participating in the private placement included Cinda Asset Management Co. Ltd., China Huarong Assets Management Co. Ltd. through CCB Principal Asset Management Co. Ltd., Penghua Fund Management Co. Ltd., Caitong Fund Management Co. Ltd., China Chengtong Holding Group's China Structural Reform Fund Co. Ltd. and Aegon Industrial Fund Management Co. Ltd.
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