Philadelphia, Pennsylvania and
Greensboro, North Carolina
March 19, 2008
AgroFresh Inc., a
wholly-owned subsidiary of
Rohm and Haas (NYSE: ROH) and
Syngenta AG (SWX: SYNN,
NYSE: SYT) today announced the achievement of a key milestone in
the development and distribution of
Invinsa™ technology, a unique product for crop stress
protection in field crops. The two companies signed a definitive
agreement formalizing the letter of intent signed earlier this
year.
“We are very excited to enter into this exclusive relationship
with Syngenta to bring Invinsa to the market. This agreement
will increase the speed-to-market and the market penetration of
Invinsa worldwide,” said John Buckley, President, AgroFresh.
“Agriculture is in need of technology like Invinsa to help
growers maximize yield and address the challenge of meeting the
world’s food, feed and fuel needs,” said Valdemar Fischer,
President, Syngenta Crop Protection, NAFTA.
Regulatory approval for the current formulation of Invinsa is
expected this year in the United States and has already been
approved in both Argentina and Chile. Once approved the current
formulation will be used in research and commercial trials. The
goal is to commercialize the technology within two years.
Invinsa, a sprayable formulation of 1-methylcyclopropene
(1-MCP), will be the first-ever product introduced into field
crop markets to specifically protect crop yield during extended
periods of high temperature, mild-to-moderate drought and other
crop stresses. The increasing occurrence of drought stress in
many regions of the world, coupled with the importance of
maximizing crop yields to meet the growing demand for food,
animal feed and fuel, creates a significant potential market for
Invinsa, provisionally estimated to be in excess of $500
million.
AgroFresh and Syngenta will focus on major field crops including
corn, soybean, cotton, wheat, sunflower, rice and canola.
Invinsa has the potential to create an entirely new market
segment, generating significant value for customers and
shareholders.
Since 1999, AgroFresh Inc. has
been a global leader in maintaining the freshness of fruits,
vegetables and flowers with a portfolio of products and services
based on their proprietary 1-MCP technology. The SmartFresh
Quality System and EthylBloc technology help the produce and
floral industries to maintain and deliver fresh fruits,
vegetables and flowers with just-harvested freshness and
quality. AgroFresh collaborates with experts at leading
universities and institutions around the globe to provide its
industry partners with the best ethylene management systems
available worldwide.
Leading the way
since 1909, Rohm and Haas is a global pioneer in the creation
and development of innovative technologies and solutions for the
specialty materials industry. The company’s technologies are
found in a wide range of markets including: Building and
Construction, Electronics, Food and Retail, Household and
Personal Care, Industrial Process, Packaging, Paper,
Transportation and Water. Our innovative technologies and
solutions help to improve life everyday, around the world. Based
in Philadelphia, PA, the company generated annual sales of
approximately $8.9 billion in 2007.
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). |
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