KWS Saat to sell China corn business as GMO rules overhauled

📆 31-10-23 13:17:00
📰 ChannelNewsAsia

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BERLIN : German seed producer KWS Saat said on Tuesday it will sell its Chinese corn business due to new regulations that could mean its conventionally bred traits would be unable to compete with genetically modified corn over the longer term.

The company said it expects to sell its corn unit and the corresponding 49 per cent minority stake in joint venture Kenfeng-KWS Seed to its Chinese partner firm Kenfeng for a mid-range double digit million euro sum.

China has approved genetically modified corn for domestic companies, but bans foreign companies – including partners in joint ventures – from developing GMO corn traits. Kenfeng-KWS Seed was founded as a joint venture in 2014 as KWS Saat bet on the Chinese corn market opening up to foreign companies.

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