Syngenta and DuPont today announced an agreement that will broaden each company's crop protection product offering.
The transactions are subject to certain national regulatory approvals. Financial terms were not disclosed.
John Atkin, chief operating officer, Syngenta Crop Protection, said: "This agreement gives Syngenta access to a novel class of chemistry that will set new standards in lepidoptera control. Combinations of Rynaxypyr(TM) with our modern insecticides will provide new broad-spectrum solutions in the global insecticide market estimated at around $7 billion. First launches are targeted for 2009. We shall continue to expand our industry-leading position in fungicides led by Amistar(R) and its range of combination products."
James C. Collins, vice president and general manager of DuPont Crop Protection, said, "These agreements further enhance our position in the global fungicide market, estimated at around $7 billion. With picoxystrobin, DuPont fills a gap and gains access to major fungicide customers and markets in the EU, Latin America and later in the United States. In insecticides, the agreement we have reached with Syngenta will allow us to expand and accelerate the market potential for our new cutting-edge technology."
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.
DuPont is a science company. Founded in 1802, DuPont puts science to work by creating sustainable solutions essential to a better, safer, healthier life for people everywhere. Operating in more than 70 countries, DuPont offers a wide range of innovative products and services for markets including agriculture, nutrition, electronics, communications, safety and protection, home and construction, transportation and apparel.
SOURCE: Syngenta via PR Newswire.