Syngenta to sell seed business

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Luisa Cheshire

BY LUISA CHESHIRE

Syngenta to sell seed business

Syngenta has announced it will sell its seeds business in a bid to boost its falling share value

Syngenta to sell seed business

Mike Mack, Syngenta CEO

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Syngenta has announced the sale of its vegetable seeds business as part of a two-pronged strategy to resuscitate its share prices, which fell after Monsanto pulled a takeover bid, reports Agrimoney.

Shares in the Swiss-based group, the world's biggest agrichemicals company, rose 3.6 per cent after its announcement yesterday (3 September), resuming a price revival from the six-month low last week when Monsanto ditched its US$46bn Syngenta takeover plans, the report said.

Syngenta said it expects the seeds business, which has "a significant global footprint and a wide array of best-in-class varieties" to attract significant third-party interest.

A sale – which would follow the disposal two years ago of the Dulcinea melons business, which fell within the vegetables division – would mean Syngenta quitting a business which achieved sales of US$663m in 2014, Agrimoney said.

Total group sales for the year were US$15.1bn, of which US$3.2bn were in seeds.

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