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News 233 views last update:6 Aug 2012

Syngenta invests in Chinese corn seeds

Syngenta said it is taking a 49% minority stake in Sanbei Seed Co Ltd, a corn seeds company based in Longhua, Hebei Province, China

The transaction is subject to regulatory approvals from the Chinese authorities. Further details of the transaction were not disclosed.

"Sanbei is an excellent partner for Syngenta to jointly develop innovative corn seed products to meet the growing demand in China for high-quality, high-yielding corn, which is driven by changing agronomic trends and shifting food patterns," said Michael Mack, chief operating officer Seeds at Syngenta.

Sanbei was founded in 1998 and employs some 500 staff. In 2006, it generated sales of around $30 mln. Over 90% of the group's sales are generated by corn seeds.

Syngenta is a leader in crop protection, and ranks third in the high-value commercial seeds market. Sales in 2006 were approximately $8.1 billion. Syngenta employs around 19,500 people in more than 90 countries.

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