Syngenta Acquires Golden Harvest

BASEL, Switzerland -- Syngenta announced an agreement to acquire a 90 percent stake in the Golden Harvest group of companies for $180 million, including expected balance sheet adjustments. The group, which had combined seeds sales of $167 million in 2003, is valued at $200 million. The current owners will retain a 10 percent stake.
   
The acquisition of Golden Harvest Friday, which has a U.S. market share of 4 percent in corn and 3 percent in soybean, together with the recently announced acquisition of Advanta's Garst business, will take Syngenta's share of these markets to 15 per cent and 13 per cent respectively. This further expands the platform from which to introduce its range of biotech input traits from 2005.

"This acquisition marks the completion of our strategy to develop critical mass in the U.S. corn and soybean seeds market, complementing our leading position in crop protection,” said Michael Pragnell, chief executive officer of Syngenta. "We look forward to welcoming the highly successful and respected Golden Harvest organization to Syngenta and are delighted that senior management will remain, ensuring continuity of service to customers."
   
Sommer Bros. Seed Co. President Jim Sommer and JC Robinson Seeds Executive Vice President Rob Robinson have been appointed joint operating heads of the Golden Harvest business.