LongPing contracts "joint venture" with owner of Cereal Ouro

LongPing signed a contract to establish a "joint venture" with N. Schwening, owner of Cereal Ouro. The agreement provides for the creation of a third company, whose share capital will be 90% owned by the Chinese company and 10% by the Brazilian company.

The deal reinforces LongPing's entry into the soybean segment. The company intends to start offering crop varieties by 2026.

In the operation, N. Schwening will contribute with a seed processing unit (UBS) used for corn and soybeans, located in the city of Rio Verde, state of Goiás. LongPing will pay its share in cash or other assets. The value of the business was not disclosed.

About LongPing

Longing High-tech Biotechnology Ltd is ultimately owned by Citic Limited, a legal entity whose majority capital belongs to the Chinese state. The acronym stands for: China International Trust and Investment Corp. According to company information, Citic operates in five main business segments: manufacturing; advanced materials; new consumption; new types of urbanization; and financial services.

In Brazil, Citic operates in the agribusiness, construction and mining sectors. In the corn and sorghum seeds segment, LongPing develops activities through three brands: Forseed, Morgan and Tevo.

About N. Schwening

N. Schwening Agropecuária Ltda operates in the agricultural segment. Cultivates soybean and corn seeds. And raises beef cattle and chickens.