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Markets :: Fine Chemicals/Biotech :: Seeds and traits
Syngenta embarks on cost-savings plan as earnings decline, ups margin target
7:00 AM MST | February 5, 2014 | Natasha Alperowicz in Basel
Syngenta, the world's largest producer of agricultural chemicals, today announced its fourth-quarter and full-year 2013 results and said it is embarking on a cost-savings plan that aims to achieve an annualized $1 billion in savings by 2018. The plan follows a decline in full-year earnings, due mainly to a write-down of $170 million in Syngenta's seeds business following excess production and a major decline in royalty payments. Addressing a press briefing in Basel this morning, Syngenta CEO Mike Mack said that the decline in earnings was mainly due to...
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