BEIJING, Sep 06, 2011 (MARKETWIRE via COMTEX) -- Agria Corporation /quotes/zigman/487479/quotes/nls/gro GRO -6.08% (the "Company" or "Agria"), a China-based company with investments in the agriculture sector, today launched Zhong Dan 909, a new variety of field corn seed developed by the China National Academy of Agricultural Sciences ("CNAAS") and ranked the number one field corn variety for the past two years in national certification tests hosted by Ministry of Agriculture.
Developed by CNAAS, Zhong Dan 909's attributes make it ideal for sale in the central part of China, one of the largest corn seed markets in China, representing approximately 40% of China's acreage for field corn. Under a license granted by CNAAS, Agria has commercialization rights covering the marketing, production and sales of Zhong Dan 909.
Zhou Chuanli, head of Agria's seed division, said, "Achieving top ranking the past two years in the national certification tests underscores the significant commercial potential of Zhong Dan 909. This is clearly another milestone event for Agria, marking our further expansion into the higher margin business segments of research commercialization, marketing and sales in the field corn market. This also represents the first seed we will bring to market as part of our extensive relationship with CNAAS. Prior to obtaining license rights to Zhong Dan 909, the majority of our field corn business was through our 49% owned investment in Ganxin, which is primarily engaged in corn seed production."
In October 2009, Agria entered into a strategic cooperation framework agreement with CNAAS, providing for future cooperation across the spectrum of agricultural research. Established in 1957, CNAAS is the largest agricultural research organization in China. It comprises 39 research institutes across the country covering all major areas of the agricultural sector including advanced research in the development of both horticulture and livestock. Through its network of research institutes, CNAAS controls one of the largest seed banks in the world. In addition, Agria entered into an investment agreement with CNAAS and its affiliates to invest RMB35.0 million ($5.3 million) in Zhongnong, a company wholly owned by CNAAS and its affiliates. The strategic cooperation framework grants Zhongnong preferential rights to the commercialization of research undertaken by CNAAS.
About Agria Corporation
Agria Corporation /quotes/zigman/487479/quotes/nls/gro GRO -6.08% is a China-based agriculture company with operations in China and internationally. In China, we engage in research and development, production and sale of seed products, including field corn seeds, edible corn seeds and vegetable seeds. We own through Agria Asia a 50.01% equity interest in PGW, New Zealand's largest agricultural services company. PGG Wrightson reported turnover of NZ$1.2 billion (US$1.0 billion) for the twelve months ended June 30, 2011. For more information about PGW, please visit www.pggwrightson.co.nz . For more information about Agria Corporation, please visit www.agriacorp.com .
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