Syngenta and DLF Seeds has entered into a sale agreement in relation to the acquisition of Syngenta's global Sugar Beet seeds business by DLF Seeds. The transaction is subject to customary approval requirements (including local employee consultation procedures) and expected to close by the end of the third quarter of 2017. Financial terms of the transaction are not disclosed.
Jeff Rowe, President Global Seeds and North America for Syngenta, said: "This agreement with DLF Seeds, a strong and expanding global player, will leverage the leading germplasm and growth potential of Syngenta's Sugar Beet seeds worldwide. DLF Seeds has a strong record in specialized seeds and in the integration of strategic acquisitions and offers excellent prospects for the Sugar Beet seeds business, enabling it to build on its expertise in serving industrial sugar producers."
Truels Damsgaard, CEO of DLF Seeds, commented: "Sugar Beet seeds is a natural extension of our seeds business and it is an interesting high value crop. We see significant synergies within our technology and plant breeding tools benefiting both the sugar beet business and the forage & turf seed business. We consider the Syngenta Sugar Beet seeds business a good match with the strategic goals and vision for DLF Seeds."