Syngenta to acquire Conrad Fafard, Inc.: expands NAFTA lawn and garden business
Basel, Switzerland, July 10, 2006, Syngenta announced today that it has entered into an agreement to acquire Conrad Fafard, Inc. (Fafard), a leading North American producer of packaged growing media to professional ornamental growers and the consumer retail market. Fafard is a privately held company with sales of $76m for the year ended May 31, 2006. The agreed purchase price is $133.5m. The company, headquartered in Agawam, Massachusetts, has 240 employees with production sites in the Eastern US and Canada.
This acquisition in a market currently estimated at $1.5bn and growing at around 6% p.a. will reinforce Syngenta’s leading position in plant protection and flower seeds.
“This acquisition advances our strategy to expand in the fast-growing lawn and garden market,” said John Atkin, COO of Syngenta Crop Protection. “Fafard has a leading position with ornamental growers in North America and a consistent record of growth. Its strong brand will give Syngenta the opportunity to become the first full range supplier to professional growers.”
The closing of the transaction is subject to the approval of Fafard’s shareholders and regulatory authorities.
Syngenta is a world-leading agribusiness committed to sustainable agriculture through innovative research and technology. The company is a leader in crop protection, and ranks third in the high-value commercial seeds market. Sales in 2005 were approximately $8.1 billion. Syngenta employs more than 19,000 people in over 90 countries. Syngenta is listed on the Swiss stock exchange (SYNN) and in New York (SYT). Further information is available at www.syngenta.com.
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