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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