Both ChemChina and Sinochem will be consolidating their businesses into a new holding company within ChemChina, dubbed Syngenta Group Co. The newly formed company will be based in Shanghai, China.
With the consolidation, ADAMA, Syngenta, and Sinochem will align the companies and capitalize on the value creation and synergy opportunities identified.
According to a news release, due to ADAMA’s success since starting up, there will be no change to the Company’s ultimate controlling shareholder. The entity of ChemChina will continue to be headquartered in Israel and remain traded on the Shenzhen Stock Exchange.
Chen Lichtenstein, president and CEO of ADAMA, was offered the position of CFO of Syngenta Group, with responsibility also for strategy and integration.
“ADAMA has never been stronger. Our fantastic people have built together a wonderful company with clear strategy and direction, able to continuously grow and navigate confidently through the rough seas that our industry has seen in the last few years,” Lichtenstein says. “I now move on to an interesting yet challenging role at Syngenta Group, and I look forward to bringing my ability and experience to bear.”
The results of other company positions will be announced in the first-quarter update.