BEIJING, Nov. 29 (Xinhua) -- Shandong Weifang Rainbow Chemical Co., Ltd. (Rainbow, 301035.SZ), a leading agrochemical company from east China's Shandong Province, recently acquired 100 percent stake in the Spanish agrochemical company Exclusivas Sarabia S.A. (Sarabia) at the price of 32 million euros, according to Rainbow's filing with Shenzhen Stock Exchange last week.
The deal was conducted by Shandong Rainbow Agrosciences Co., Limited, a wholly-owned subsidiary of Rainbow, and Sarabia. After the transaction, Sarabia becomes a wholly-owned subsidiary of Rainbow.
Rainbow said it would further integrate its resources with Sarabia's product profiles and marketing networks to accelerate tapping the European Union (EU) market.
The acquisition of Sarabia is conducive to enriching Rainbow's product lineup in the EU at a faster pace, said an executive of Rainbow, adding that with factories in Spain, Sarabia will function as Rainbow's new manufacturing base for localized production. (Edited by Su Dan with Xinhua Silk Road, firstname.lastname@example.org)