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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