Syngenta announced that the regulatory approval for the acquisition of the Golden Harvest group of companies is complete.
Syngenta purchased a 90% stake in the Golden Harvest group of companies for $180 million including expected balance sheet adjustments. The group, which had combined seeds sales of $167 million in 2003, is valued at $200 million. The current owners will retain a 10% stake.
The acquisition of Golden Harvest, which has a US market share of 4% in corn and 3 % in soybean, together with the recently announced acquisition of Advantaâ€™s Garst business, will take Syngentaâ€™s share of these markets to 15% and 13% respectively. This further expands the platform from which to introduce its range of biotech input traits from 2005.
Completion of the Advanta acquisition announced on May 12, 2004, remains subject to regulatory approval and is expected before the end of this quarter.