Syngenta acquires Argentine seeds company SPS
Basel, Switzerland, Syngenta announced today that it has signed and closed an agreement to acquire SPS Argentina SA (SPS), a company primarily specialized in the development, production and marketing of soybean, corn and sunflower. The transaction will give Syngenta a significantly increased presence in the important soybean market in Argentina, complementing its existing strong positions in corn and sunflower.
Davor Pisk, Chief Operating Officer of Syngenta Seeds, said: “This investment expands our customer base in Argentina and accelerates the introduction of our proprietary GM traits in soybean and corn. For Argentine growers, it translates into a broader offer of high quality seeds to support their important contribution to global food supply. I am pleased to welcome all SPS employees to Syngenta.”
SPS has an excellent reputation in the agricultural sector. The company was established in 1972 and is based in Buenos Aires Province, where it also runs an advanced research program. SPS has around 50 employees and recorded sales of $15 million in the fiscal year to March 2008.
Argentina is the world’s third largest soybean producer with 21% of global soybean production. In 2007, some 48 million tons were harvested, mostly for export to Asia and Europe.
Syngenta already develops, produces and markets premium quality seeds under the NK®, Rogers® and S&G® brands in Argentina. Its portfolio includes soybean, corn, sunflower, sorghum and vegetable seeds.
The transaction is subject to approval by the Argentine antitrust authorities. Financial details have not been disclosed.
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 2007 were approximately $9.2 billion. Syngenta employs over 21,000 people in more than 90 countries. Syngenta is listed on the Swiss stock exchange (SYNN) and in New York (SYT). Further information is available at www.syngenta.com.
Syngenta Cautionary Statement Regarding Forward-Looking Statements
This document contains forward-looking statements, which can be identified by terminology such as ’expect’, ’would’, ’will’, ’potential’, ’plans’, ’prospects’, ’estimated’, ’aiming’, ’on track’ and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta’s publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefore.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.