Syngenta Reinforces Vegetable Seeds with Zeraim Gedera Acquisition
BASEL, Switzerland, July 9 / -- Syngenta announced today that it has agreed to acquire Zeraim Gedera Ltd., a high quality Israeli vegetable seeds company focusing on high-value crops, including tomato, pepper and melon. Syngenta will buy all outstanding shares in the company from Markstone Capital Partners, an Israeli private equity group, for a consideration of $95 million, subject to closing adjustments. Sales in 2006 were $33 million.
Israel is well known for high-quality germplasm and seed technologies. Zeraim Gedera has outstanding breeding capabilities as well as longstanding relationships with Israeli research institutes and universities. This acquisition will reinforce the growth and quality of Syngenta's vegetable seeds business.
Mike Mack, Chief Operating Officer Syngenta Seeds said: "This acquisition further expands Syngenta's position in high-value growth segments. Zeraim Gedera's portfolio and its strong presence in Mediterranean markets ideally complement our vegetable seeds business."
Zeraim Gedera was originally founded in 1952. It focuses on six high-end vegetable products for growers and consumers: tomatoes, sweet peppers, watermelons, melons, squash and cucumbers. The business will continue to trade under the Zeraim brand.
Syngenta Vegetable Seeds breeds, produces and markets superior quality proprietary vegetable seeds. The business operates globally under regional brands including S&G®, Rogers®, Dulcinea® and Daehnfeldt®. Its portfolio includes tomato, pepper, sweet corn, watermelon, melon, brassica, lettuce, cucumber, leek, beans and peas.
The transaction is expected to close in 2007 pending regulatory approvals.
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 21,000 people in over 90 countries. Syngenta is listed on the Swiss stock exchange (SYNN) and in New York (NYSE:SYT). Further information is available at www.syngenta.com.
CONTACT:Media, Medard Schoenmaeckers (Switzerland), +41 61 323 2323, or Sarah Hull (US), +1-202-628-2372;
FCMN Contact: evelyne.palma@syngenta.com
Source: Syngenta
Web site: www.syngenta.com/
