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China’s Sichuan Hebang Corporation Limited and Israel’s Stockton Group have entered into an agreement whereby Hebang Group will acquire 51 per cent stake in Stockton Group for US$90mn
Hebang Group is a Chinese company, publicly traded on the Shanghai Stock Exchange. It is involved in numerous industrial activities, including the agrochemical industry. This is the group’s first investment outside of China.
Stockton is a 20-year old crop protection company and develops biopesticides. It developed its first environmentally-friendly biofungicide, Timorex Gold, which is sold in more than a dozen countries to treat a large number of crops. The company has recently received a licence to sell the Timorex Gold in USA.
Hebang’s goal with this investment in Stockton is to support its growth as a global leader in environmentally-friendly biofungicides. The infusion of cash will enable Stockton to increase its research and development capabilities and its market penetration in the biofungicide market. Ziv Tirosh, CEO of Stockton, said that the company is currently in the process of receiving regulatory approval in China, and the partnership with Hebang will assist with penetration into other markets in Asia.
According to the agreement, Stockton will continue to operate as an Israeli company with no change to its management, while the controlling shareholder of Hebang, He Zhenggang, will serve as the company’s chairman.
The transaction is expected to close within 90 days, subject to regulatory approvals in China.