Syngenta acquires Chrysanthemum and Aster business from US flowers producer Yoder Brothers
Basel, Switzerland, October 29, 2008
Syngenta announced today that it has signed an agreement to acquire the pot and garden Chrysanthemum and Aster business of US flowers producer Yoder Brothers Inc. Parties agreed not to disclose financial details of the transaction. Chrysanthemums are one of the top five selling pot and garden flowers in the global industry. In 2007 the two crops accounted for around $24 million of Yoder's sales.
“This targeted acquisition significantly strengthens our proprietary flower cuttings portfolio and broadens our offer to growers with two new crops. The Yoder brand is highly recognized in the flowers industry and their Chrysanthemums and Asters stand for top quality genetics”, said Robert Berendes, Head of Business Development at Syngenta.
The acquisition includes all rights to Yoder's Chrysanthemum and Aster genetics and breeding programs, as well as the Yoder brand name, and will involve some 150 employees joining Syngenta.
The transaction is expected to close in Q4 2008, pending regulatory approvals.
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Syngenta Flowers is a worldwide leader in the pot and bedding plant industry with a large proprietary portfolio. Operating on a global basis, it breeds and markets high-quality flower seeds, young plants and cuttings for the ornamental industry. In 2007, Syngenta reported flowers sales of $272 million.
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). Further information is available at www.syngenta.com.