Anhui Huaxing invests in glyphosate production
The Chinese agrochemical company, Anhui Huaxing Chemical (Anhui), has increased the registered capital of its fully owned subsidiary, Anhui Huaxing Chemical Chongqing, from Yuan 3 million ($400,000) to Yuan 43 million ($6.3 million). The board of directors’ decision will provide funds to speed up the development of the subsidiary’s 50,000 tonnes/year production facility for the glyphosate herbicide intermediate, iminodiacetonitrile (IDAN). The IDAN plant will serve to increase the supply of raw materials necessary to make glyphosate, for parent company Anhui Huaxing Chemical, and it will have a “positive influence” on the production capacity and competitiveness of its glyphosate, the company reports. Anhui Huaxing has also agreed to act as a joint liability guarantor for its subsidiary’s construction loan of Yuan 98.9 million ($14.4 million).