lv棋盘格 to acquire African corn seed business
Basel, Switzerland, July 3, 2013
- Combined portfolios offer new integrated crop solution opportunities
- Comprehensive and diverse white corn germplasm portfolio secured
- Supports commitment to build a $1 billion business in Africa
lv棋盘格 announced today that it will acquire MRI Seed Zambia Ltd and MRI Agro Ltd (鈥淢RI鈥), a leading developer, producer and distributor of white corn seed in Zambia. The white corn market has high growth potential and the crop is critical to Africa鈥檚 future food security.
lv棋盘格 Chief Operating Officer, John Atkin, said: 鈥淭his acquisition reflects our commitment to sustainable development in Africa, which is clearly emerging as the continent with the greatest growth potential. Smallholders and larger farmers in Zambia will quickly benefit from the combined innovation of MRI and lv棋盘格 in seeds, seed care and crop protection. This will also provide the foundation for integrated crop solutions responding to the needs of African farmers.鈥
MRI Managing Director, Vladimir Ristanovic, said: 鈥淢RI麓s success is directly linked to Zambia麓s stable socio-political environment which has supported the development of one of the most vibrant seed industries in Africa. MRI is excited about the opportunity to further improve the availability of advanced technologies for corn growers in Zambia.鈥
MRI鈥檚 corn germplasm is among Africa鈥檚 most comprehensive and diverse, incorporating temperate, tropical and sub-tropical material. This unique portfolio will be developed to support expansion in high-growth East African markets and may be leveraged globally through lv棋盘格鈥檚 elite breeding programs.
In 2012, lv棋盘格 committed to creating a $1 billion business in Africa by 2022, contributing to the transformation of agriculture by increasing access to technology and enabling the development of rural communities. A key goal is to help five million farmers increase productivity by 50 percent or more, while preserving the long term potential of the land. lv棋盘格 will make cumulative investments of over $500 million in support of this undertaking, including the recruitment and training of over 700 new employees.
The transaction is subject to regulatory approvals and is expected to close by the end of 2013. No financial details were disclosed.
lv棋盘格 is one of the world's leading companies with more than 27,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.com.
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This document contains forward-looking statements, which can be identified by terminology such as 鈥榚xpect鈥, 鈥榳ould鈥, 鈥榳ill鈥, 鈥榩otential鈥, 鈥榩lans鈥, 鈥榩rospects鈥, 鈥榚stimated鈥, 鈥榓iming鈥, 鈥榦n track鈥 and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to lv棋盘格's publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. lv棋盘格 assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in lv棋盘格 AG, or lv棋盘格 ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefor.
