ChemChina and Sinochem are consolidating their agricultural businesses into a new holding company within ChemChina, domiciled in Shanghai, which will be called the Syngenta Group Co. According to the news release, the Syngenta Group is expected to become the world's leading agriculture inputs company, spanning crop protection, seeds, fertilizers, additional agricultural and digital technologies, as well as an advanced distribution network in China, reaching farmers nationwide.
ADAMA is becoming a distinctive member of this newly-formed industry leader through the contribution of the stake that ChemChina currently owns in ADAMA into the Group. As such, there is no change in the Company's ultimate controlling shareholder. ADAMA will continue to be headquartered in Israel, and remain traded on the Shenzhen Stock Exchange, as well as maintain its unique brand and positioning.
Frank Ning, chair of ChemChina and Sinochem, will chair the new Group. After the completion of the transfer of ADAMA's shares into the Group, Chen Lichtenstein is expected to remain on ADAMA's board of directors, and be joined by Erik Fyrwald, CEO of the new Group, who will replace Yang Xingqiang as chair.
Ignacio Dominguez, currently co-Chief Commercial Officer (CCO) of ADAMA, is intended to be appointed as president and CEO of ADAMA. Mr. Dominguez is a leading crop protection industry expert, and uniquely qualified to lead ADAMA through its next phase of growth.
Source: Adama January 7, 2020 news release