Switzerland's Syngenta first-quarter sales jump 14% to $4.02bn

15 April 2011 12:34  [Source: ICIS news]

(Adds CEO comments and details on regional sales.)

LONDON (ICIS)--Syngenta’s first-quarter sales increased 14% year on year to $4.02bn (€2.77bn) as a result of strong performance in the European, African and the Middle East markets, the Switzerland-based agrichemicals firm said on Friday.

The three regions recorded a sales increase of 20%, the company said in a statement.

Syngenta added that a favourable environment encouraged early investment by wheat growers across the regions.

“Our first-quarter sales performance demonstrates our ability to achieve significant growth across a business that is unrivalled in its breadth and reach,” said Syngenta CEO Mike Mack.

“At the same time, we have made rapid progress in the implementation of our new commercial strategy, which is building on the combined strength of our crop protection and seeds businesses to develop a fully integrated offer on a global crop basis,” Mack said.

The company said its sales in eastern Europe rebounded from difficult conditions in the second half of 2010, with increased demand for premium crop protection products. Total sales in North America increased by 6%, reflecting a strong performance in Syngenta's seeds business.

Total first-quarter sales in Latin America grew 16% year on year, driven in particular by fungicides, insecticides and corn seed.

Sales in the Asia-Pacific region increased by 6%, as continuing expansion of crop protection usage in the emerging markets offset a decline in Japan, Syngenta said.

Syngenta said its crop protection business contributed $2.79bn in sales, accounting for 69% of total revenue, while its seeds business had $1.24bn in turnover.

Sales from crop protection during the first quarter increased 11% year on year, while seeds sales were up 20%, it said.

Overall sales volumes were up 14%, Syngenta added.

Additional reporting by Pearl Bantillo

($1 = €0.69)

For more on Syngenta visit ICIS company intelligence

By: Franco Capaldo
+44 (0)20 8652 3214

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