Farmmi Inc. Completes Sale of Zhejiang Farmmi Biotechnology Co., Ltd. as Part of Cost Reduction Strategy
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Farmmi, Inc. has completed the sale of several wholly owned subsidiaries, including Zhejiang Farmmi Biotechnology Co., Ltd., as part of its cost reduction strategy. The company sold Guoning Zhonghao (Ningbo) Trade Co., Ltd. and Ningbo Farmmi Baitong Trade Co., Ltd. for approximately $1,394 and $697, respectively. The transactions aim to cut costs associated with subsidiaries that were not conducting substantial business.
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