Syngenta to acquire Fischer, leading European flowers company
Syngenta announced today the acquisition of the Fischer group for a consideration of approximately $67 million on a cash and debt free basis. Fischer is a privately held vegetative flowers company specializing in the breeding and marketing of flower crops. For the fiscal year 2005/2006, Fischer reported sales of $86 million; the company is headquartered in Germany.
“We are delighted to welcome the Fischer organization to Syngenta with its strong record in marketing and innovation”, said Robert Berendes, Head of Business Development at Syngenta. “This will accelerate the implementation of our Flowers strategy and strengthen our global leadership position.”
Josef Fischer, CEO of Fischer, commented: “Combining our varieties, cultivation knowledge and supply processes will enhance our service and support to all our customers, with whom we can now access exciting growth potential in flowers.”
Fischer is highly complementary to Syngenta Flowers, bringing leadership in three of the ten best-selling flower crops to its existing portfolio. It is the global leader in pelargonium (geranium) and has leading positions in poinsettia and New Guinea impatiens. The company sells flower crops in over 20 countries under well-known brands including Fischer ® and pelfi ® ; these brands will be maintained. Fischer employs around 1,700 people.
The transaction is expected to close in the second quarter of 2007, pending regulatory approvals.
Syngenta’s S&G® Flowers is a worldwide leader in the pot and bedding plant industry with a large proprietary portfolio. Operating on a global basis, S&G breeds and markets superior proprietary flowers as seeds, young plants and cuttings for the ornamental industry. In 2006, Syngenta reported flowers sales of $228 million.
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 2006 were approximately $8.1 billion. Syngenta employs around 19,500 people in over 90 countries. Syngenta is listed on the Swiss stock exchange (SYNN) and in New York (SYT).
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