Syngenta acquires Maribo Seed sugar beet business from Nordic Sugar
* Consolidates position in sugar beet across Europe
* Further enhances outlook for Diverse Field Crops
Syngenta announced today the signing of an agreement to acquire the Maribo Seed sugar beet business from Nordic Sugar, a subsidiary of Nordzucker AG, for a consideration of €43 million ($52.8 million) plus €5 million ($6.1 million) contingent payments on a cash and debt free basis. The transaction includes the seed production and sales activities of Maribo Seed as well as the Maribo brand name. In 2009 sales of the acquired activities were around €35 million ($49 million).
“This acquisition consolidates our position in European sugar beet,” said Davor Pisk, Chief Operating Officer Syngenta Seeds. “Maribo Seed has incorporated Syngenta genetics in its range since 1992. It is a strong and well-established brand in key markets.”
Beet sugar accounts for around 30 percent of the world’s sugar production. Globally, sugar beet is grown on around four million hectares, mainly in the European Union, the Commonwealth of Independent States (CIS) and the United States. The global sugar beet seeds market is currently valued at around $750 million.
Maribo Seed was created in 1920 and is headquartered close to Copenhagen in Holeby, Denmark. The company sells its sugar beet seeds in 35 countries and has commercial operations across Europe including Russia, Poland, Denmark and the UK. Maribo Seed has around 170 employees.
The transaction is subject to the approval of regulatory authorities.
Syngenta is one of the world’s leading companies with more than 25,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.com or www.growmorefromless.com.
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