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ChemChina to buy Syngenta for $43 billion

By |  February 4, 2016 0 Comments

syngenta_logoChina National Chemical, a Chinese-government-owned pesticide and agrochemical company known as ChemChina, has offered to acquire Swiss-based agricultural company Syngenta for $43 billion in cash. The deal is expected to close by the end of the year.

“In making this offer, ChemChina is recognizing the quality and potential of Syngenta’s business,” says Michel Demaré, chairman of Syngenta. “The transaction minimizes operational disruption; it is focused on growth globally, specifically in China and other emerging markets, and enables long0term investment in innovation.”

Syngenta’s global headquarters will remain in Switzerland, and its management team and staff will remain intact, according to Syngenta. The company’s statements have emphasized the transition will be “business as usual” for customers and employees.

“We will continue to work alongside the management and employees of Syngenta to maintain the company’s leading competitive edge in the global agricultural technology field,” says Ren Jianxin, chairman of ChemChina. “Our vision is not confined to our mutual interests, but will also respond to and maximize the interests of farmers and consumers around the world.”

According to USA Today, the deal could propel ChemChina to the world’s largest supplier of crop-protection products.

The deal continues a green industry trend of consolidation. In December, DuPont and Dow Chemical merged into DowDuPont. Before merging, the two companies generated a combined $92 billion in sales.

This article is tagged with and posted in Industry News

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