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The OCP Group and China's Hubei Forbon Technology announced on Monday the signing of an agreement for the establishment of a joint venture (JV) operating in the research and development (R&D) field to develop new generations of fertilizer solutions and Smart Agriculture.
This is a 50/50 Joint Venture operating in the Research and Development field for the development of new generation technologies for fertilizers and smart agriculture, said a joint statement.
The JV will be located in the East Lake New Technology Development Zone in Wuhan (China) granting it access to the Chinese innovation ecosystem, considered today as one of the most dynamic in terms of R&D in agriculture, it added.
Through this JV, OCP, a leading global phosphate soil and plant nutrition player, and Forbon, a Chinese company engaged in the research, development, manufacture and sale of fertilizer additives and an innovative company in digital agriculture, aim at establishing a global partnership to develop new generations of fertilizer and digital solutions for agriculture, leveraging on OCP's and Forbon’s innovation capabilities.
Furthermore, this partnership will profit from the dynamic ecosystem of innovation of the Biolake Park in Optic Valley to explore sustainable agricultural solutions by providing farmers with customized solutions, best practices and digital services.
«OCP has put innovation as a cornerstone of its growth strategy as illustrated by the ecosystem approach we have built together with the UM6P (Mohammed VI Polytechnic University). Being located in the East Lake New Technology Development Zone in Wuhan, the Joint Venture will have access to one of the largest and most dynamic network of professionals involved in innovation as well as leading universities and research centers in China, working on the future of agriculture», said Soufiyane El Kassi – Chief Growth Officer of OCP, quoted in the statement.
For his part, Wang Renzong, Chairman & CEO of Forbon, said: «OCP and Forbon have the same vision and ambition for the future of agriculture which is to provide more advanced fertilizer and digital solutions to improve traditional agriculture, farming techniques and increase the farmers’ profits».
With its expertise in AI, sensors, precision equipment, IOT and digital technology, Forbon together with OCP could bring to the farmers the best customized solutions for a sustainable and innovative agriculture. The joint venture will be dedicated to innovation and will benefit to Chinese and global agriculture.
The transaction is subject to customary closing conditions, including regulatory approvals, the statement concluded.
