Tongwei Group signed an agreement to acquire the aquafeed business of Tianbang Food Co., Ltd. As part of the agreement, Tianbang will also transfer all of its pig feed assets to Tongwei.

Tongwei acquired Tianbang aquatic feed businesses Ningbo Tianbang Feed Technology Co., Ltd., Qingdao Qihao Biotechnology Co., Ltd., Ningbo Tianbang Biotechnology Co., Ltd. and Vietnam Tianbang Feed Co., Ltd. with a total value of RMB 1.05-1.1 billion ($162 million).

Tianbang has a relatively high position in the aquafeed field, producing sinking, floating and slow sinking feeds for fish, shrimp, crabs and freshwater prawns. The company runs a breeding center that mainly conducts breeding trials and demonstrations of new aquatic feed formulas.