Syngenta to Buy African Corn Seed Company

Jul 08, 2013

Syngenta to Buy African Corn Seed Company

By Amanda Brodhagen, Farms.com

Seed and pesticide corporation, Syngenta AG aims to expand its presence in the African seed business. Syngenta recently announced that it will acquire MRI Seed Zambia Ltd. and MRI Agro Ltd. for an undisclosed amount.

The Zambian-based company is a leading developer, producer and distributor of white corn in the region. By 2022, Syngenta plans to generate $1-billion worth of business from Africa. Syngenta said that its goal is to help five million farmers increase productivity by at least 50 percent.

“This 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 Syngenta in seeds, seed care and crop protection,” said John Atkin, Syngenta Chief Operating Officer.

The acquisition is subject to regulatory approvals, but is expected to close by the end of 2013. Syngenta said it will invest $500 million in training and hire 700 new employees.

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