Arkansas Gov. Sarah Huckabee Sanders has ordered the agtech company Syngenta to sell 160 acres of farmland in the state within two years because it is a Chinese-owned company.
According to a Reuters report, Sanders made her announcement today at a news conference, citing a state law passed this year that prevents certain foreign companies from acquiring or maintaining land. Chinese government-owned entities fall under the law because China is subject to a federal arms export controls known as the International Traffic in Arms Regulations (ITAR).
“This is about where your loyalties lie,” Sanders said.
Syngenta was acquired in 2017 for $43 billion by ChemChina and was folded into Sinochem Holdings Corp four years later. Syngenta is currently arranging for an initial public offering in Shanghai.
Syngenta spokesman Saswato Das called the Arkansas action “a shortsighted action” and noted the company has owned its site in Craighead County for 35 years. The company owns about 1,500 acres of U.S. agricultural land that is used for research, development and regulatory trials on products, and Arkansas is the first state seeking to evict it.
“Our people in Arkansas are Americans led by Americans who care deeply about serving Arkansas farmers,” Das said. https://finance.yahoo.com/news/arkansas-orders-chinese-owned-seed-201323331.html
Photo courtesy of Syngenta