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Hanfeng Evergreen Completes JV Agreement with Indonesian Firms
Toronto, Canada-based Hanfeng Evergreen, which currently operates a slow- and controlled-release fertilizer production facility in China, has completed a previously-announced joint venture (JV) agreement with two Indonesian producers to build and operate a facility in that country. PT Matahari Kahuripan Indonesia will hold a 30% stake in the JV, and PT Sumber Agrindo Sejahtera will have 36%, with Hanfeng holding the remaining 34%. PT Sumber is part of Sejahtera Group, Indonesia's largest agricultural distributor, while PT Matahari is belongs to Makin Group, Indonesia's largest producer of palm oil and tobacco.
The new facility, to be built in Surabaya, Indonesia, will have capacity for 100,000 metric tons (mt) per year of slow-release NPK fertilizers; construction will also include a 50,000 mt/year slow-release coating plant. Construction is expected to be complete by June 2010. This first phase will cost around US $12 million.
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