Syngenta Aims To Profitably Grow Market Share As ChemChina Deal Closes

(RTTNews) - Swiss agriculture company Syngenta (SYT) Tuesday announced its new ambition and priorities following the completion of its acquisition by China National Chemical Corp., known as ChemChina.

The company said it aims to profitably grow market share through organic growth and collaborations. The firm is considering targeted acquisitions with a focus on seeds as it aims to strengthen its leadership position in crop protection and to become an ambitious number three in seeds.

According to the company, key drivers for the next phase of growth will be further expansion in emerging markets, notably China, and the stepping up of digital agriculture offers. In addition, the ongoing investment in new technologies to increase crop yields while reducing CO2 emissions and preserving water resources.

ChemChina Chairman Ren Jianxin, who was elected Chairman of Syngenta Board on June 26, reaffirmed that the company's operational independence will be maintained and the existing management team will continue to run the company.

Michel Demaré, Vice Chairman of Syngenta and Lead Independent Director, said: "Syngenta will continue to be headquartered and to pay taxes in Switzerland, with major manufacturing and R&D sites in the country. Syngenta remains a standalone company, with a new owner who has a long term vision for our industry and will invest accordingly. The company will maintain the highest corporate governance standards with four Independent Directors on the Board."