|
Sofia, Bulgaria
October 31, 2008
Syngenta announced today
that it will take over certain assets of AgroStar AD, a leading
company in import and distribution of crop protection products
and vegetable seeds in Bulgaria. The transaction is expected to
close by the end of 2008, pending regulatory approvals.
Financial details have not been disclosed.
AgroStar has successfully distributed Syngenta products in
Bulgaria since 1994, and reported sales of approximately $19
million in 2007. After closing of the transaction, the acquired
assets will be integrated in a newly established company,
Syngenta Bulgaria EOOD. It will be based in Sofia and is
expected to start operations as of January 1, 2009.
“The creation of a Syngenta organization with an experienced
local team and an excellent distributor network accelerates our
presence in the Bulgarian market,” said Chris Clayton, Area Head
Crop Protection East Europe. “Over the next few years, we will
further grow this organization by expanding our seeds and crop
protection offer and extending our range of services to farmers.
We want to support Bulgarian farmers to raise their productivity
in times of growing global demand for agricultural commodities.”
Agriculture plays a vital role in the Bulgarian economy. It
contributes more than 6% to the GDP and employs 18% of the total
workforce. Bulgaria is an important agricultural producer for a
number of crops as wheat, sunflower, corn, grapes and vegetables
and exports a significant amount of field crop commodities.
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). |
|
