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Syngenta Buys Stake in China Seeds Firm

1:46 PM MDT | May 23, 2007 | DR

Syngenta says it will buy a 49% stake in corn seed company Sanbei Seed Co. (Longhua, China) for an undisclosed amount. The deal is awaiting approval from the Chinese authorities. Sanbei generated sales of about $30 million in 2006, and more than 90% of its sales are from the corn seeds business. “Sanbei is an excellent partner for Syngenta to jointly develop innovative corn seed products to meet growing demand in China for high-quality, high-yielding corn, which is driven by shifting food patterns,” says Michael Mack, chief operating officer/seeds at...

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