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Syngenta to acquire Conrad Fafard, Inc.: expands NAFTA lawn and garden business
Basel, Switzerland, July 10, 2006
Syngenta announced today that it has entered into an agreement to acquire Conrad Fafard, Inc. (Fafard), a leading North American producer of packaged growing media to professional ornamental growers and the consumer retail market. Fafard is a privately held company with sales of $76m for the year ended May 31, 2006. The agreed purchase price is $133.5m. The company, headquartered in Agawam, Massachusetts, has 240 employees with production sites in the Eastern US and Canada.
This acquisition in a market currently estimated at $1.5bn and growing at around 6% p.a. will reinforce Syngenta’s leading position in plant protection and flower seeds.
“This acquisition advances our strategy to expand in the fast-growing lawn and garden market,” said John Atkin, COO of Syngenta Crop Protection. “Fafard has a leading position with ornamental growers in North America and a consistent record of growth. Its strong brand will give Syngenta the opportunity to become the first full range supplier to professional growers.”
The closing of the transaction is subject to the approval of Fafard’s shareholders and regulatory authorities.
Syngenta is a world-leading agribusiness committed to sustainable agriculture through innovative research and technology. The company is a leader in crop protection, and ranks third in the high-value commercial seeds market. Sales in 2005 were approximately $8.1 billion. Syngenta employs more than 19,000 people in over 90 countries. Syngenta is listed on the Swiss stock exchange (SYNN) and in New York (SYT). Further information is available at www.syngenta.com.
Media Enquiries:
Switzerland:
Guy Wolff
Tel: +41 (61) 323 2323
USA: Sarah Hull
Tel: +1 (202) 628 2372
UK: Andrew Coker
Tel: +44 (1344) 41 4503
Analysts/Investors:
Switzerland:
Jonathan Seabrook
Tel: +41 (61) 323 7502
Jennifer Gough
Tel: +41 (61) 323 5059
USA:
Rhonda Chiger
Tel: +1 (917) 322 2569
Cautionary Statement Regarding Forward-Looking Statements
This document contains forward-looking statements, which can be identified by terminology such as ‘expect’, ‘would’, ‘will’, ‘potential’, ‘plans’, ‘prospects’, ‘estimated’, ‘aiming’, ‘on track’ and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta's publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefor.
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