Basel,
Switzerland,
May 14,
2007
Syngenta
announced
today that it agreed to take a 49% minority stake in Sanbei Seed Co Ltd,
a
leading Chinese corn seeds company headquartered in Longhua, Hebei Province.
The
transaction is subject to the required approvals from the Chinese authorities.
Further details of the transaction have not been disclosed.
“Sanbei
is an
excellent partner for Syngenta to jointly develop innovative corn seed
products
to meet the growing demand in China for high-quality, high-yielding corn,
which
is driven by changing agronomic trends and shifting food patterns”, said Michael
Mack, Chief Operating Officer Seeds at Syngenta. “The company has strong
commercial operations and an attractive product portfolio. Together with
Syngenta's expertise in corn breeding this will result in improved and
broader
product availability for Chinese growers.”
Established
in 1998,
Sanbei is one of the larger high-value corn seeds companies in China. More
than
90% of Sanbei’s sales are generated by corn seeds. In 2006, the company reported
sales of approximately $30 million. Sanbei has around 500
employees.
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). Further information is available at www.syngenta.com.
Media
Enquiries: |
Médard
Schoenmaeckers (Switzerland) |
+41 61
323
2323 |
|
Sarah
Hull
(US) |
+1 202
628
2372 |
|
|
|
|
Analysts/Investors: Jonathan
Seabrook |
+41 61
323
7502 |
|
|
+1 202
737
6520 |
|
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|
Jennifer
Gough |
+1 202
737
6521 |
|
|
+41 61
323
5059 |
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 therefor.
Syngenta
- May 14,
2007 / Page 1 of 1