April 25, 2008
AgFeed opens 700th exclusive feed distribution store in China
AgFeed Industries, Inc. announced the opening of the 700th independently owned feed product distribution retail chain store in China exclusively distributing AgFeed branded premix products to end users including small and medium-sized hog farms and individual hog farmers.
Approximately 75 percent of China's more than 600 million annual hog production is supplied by individual backyard farmers. In addition to retail chain store feed sales, AgFeed distributes premix feed directly to over 600 large commercial hog farms across China.
AgFeed has two profitable business lines that provide synergistic benefits to the Company: premix animal feed and hog production.
"Our rapidly expanding distribution outlets and favourable hog prices in China continue to contribute to our growth. AgFeed's unique and highly successful retail distribution model through independently owned exclusive AgFeed distribution chain stores provide strong strategic enterprise value for us. We remain optimistic regarding our ability to achieve our 2008 targets for both hog and feed production," said Dr Songyan Li, chairman of AgFeed.