|By PR Newswire||
|April 7, 2014 01:00 AM EDT||
BASEL, Switzerland, April 7, 2014
- Access to expertise, facilities and prime varieties grown on 330,000 hectares
- Expansion of established PSB brand supported by Syngenta's global presence
- Accelerated innovation in durum wheat breeding and production for pasta
/PRNewswire/ -- Syngenta announced today that it has acquired Societa Produttori Sementi (PSB), one of Italy's oldest seed companies and a leader in durum wheat breeding and production for pasta.
PSB was established in the province of Bologna in 1911, and its durum wheat varieties are grown on more than 330,000 hectares. In addition to its headquarters and a 430-hectare farm, PSB has breeding programs in other crops such as common wheat and alfalfa.
Syngenta will preserve the century-old PSB brand and know-how, which will continue to be synonymous with top-quality Italian durum wheat production. This will enable growers in Italy and in other countries to meet increasing demand for pasta – a global market valued at $16 billion.
Syngenta Chief Operating Officer, John Atkin, said: "PSB combines the quality, tradition and innovation which are the hallmarks of the 'Made in Italy' brand. Its unrivalled durum wheat breeding expertise and its links to the food industry will be complemented by Syngenta's leading-edge cereals R&D and global presence. Together we will accelerate innovation in high-quality durum wheat production, helping more growers prosper in the competitive Italian market as well as supporting international expansion."
The two companies also share a strong commitment to sustainable agriculture demonstrated by PSB's "From Seed to Pasta" initiative, which complements Syngenta's recently launched The Good Growth Plan.
Financial details of the deal were not disclosed.
Syngenta is one of the world's leading companies with more than 28,000 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
Cautionary Statement Regarding Forward-Looking Statements
This document contains forward-looking statements, which can be identified by terminology such as 'expect', 'would', 'will', 'potential', 'plans', 'prospects', 'estimated', 'aiming', 'on track' 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 Syngenta's publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta 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 Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefor.
Syngenta International AG
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SOURCE Syngenta International AG
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