03 July 2013 07:45 [Source: ICIS news]
SINGAPORE (ICIS)--Syngenta will acquire a white corn seed business in Zambia, in line with its goal of creating a $1bn (€770m) business in Africa by 2022, the Swiss agrochemicals firm said on Wednesday.
The company will be acquiring MRI Seed Zambia Ltd and MRI Agro Ltd – a developer, producer and distributor of white corn seed in Zambia – for an undisclosed amount, Syngenta said in a statement.
“MRI’s corn germplasm is among Africa’s most comprehensive and diverse, incorporating temperate, tropical and sub-tropical material,” Syngenta said.
“This unique portfolio will be developed to support expansion in high-growth East African markets and may be leveraged globally through Syngenta’s elite breeding programs,” the company said.
The acquisition is subject to regulatory approvals and is expected to close by the end of 2013, Syngenta said.
The Swiss firm said that under its long-term plan, it will make a cumulative investment of more than $500m to help 5m farmers in Africa to boost their productivity by at least 50%, while preserving the long-term potential of the land.
The investment would include the recruitment and training of over 700 new employees, it said.
($1 = €0.77)
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