TECH-BANK to take over AgFeed's Chinese operation

   
 

Ningbo TECH-BANK Co., Ltd. (TECH-BANK) has announced the plan to take over AgFeed Industries, Inc.'s (AgFeed) operation in China by acquiring the company with US$52.88 million.

In July this year, AgFeed filed for Chapter 11 bankruptcy protection at the US Bankruptcy Court in Wilmington, Delaware.

AgFeed is engaged in animal nutrition, premix, concentrates and complete feeds, and hog production. It was founded in 1995 as a feed producer in China. In 2007, the company expanded the operations to hog production. And in 2010, it entered the US market through the purchase of the hog producer M2P2 LLC.