China Organic Agriculture acquires Dalian Huiming

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Rice producer China Organic has announced that it will be acquiring agricultural trading company Dalian Huiming Industry.

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The company has previously acquired 60 per cent of Dalian Huimin for $10.6 million (£6.6 million) in a cash transaction on October 31st.

Jinsong Li, China Organic's chief executive officer, had set the timeframe that the acquisition should be completed within and this was kept to.

Commenting on the deal, Mr Li said: "The completion of this acquisition marks an important milestone in the history of China Organic Agriculture.

"We're now able to focus on the successful integration of Dalian Huiming into CNOA's operations, allowing us to expand distribution channels and diversify our product offerings."

Mr Li explained that the acquisition of the company fits perfectly into China Organic's expanded business model.

He explained that the company plans to distribute foods under a new brand name which will benefit the company's enhanced reach.

China Organic Agriculture is among the largest producers of green and organic rice in China.