Syngenta to sell US fresh produce business
Basel, Switzerland, December 17, 2013
Syngenta announced today that it has signed an agreement to sell its Dulcinea Farms business ("Dulcinea") to Pacific Trellis Fruit LLC ("Pacific Trellis"), a US-based international grower and marketer of fresh produce.
Based in California, Dulcinea was formed in 2004 in partnership with Tanimura & Antle, initially as a vehicle for branding proprietary mini-watermelon and specialty melon genetics directly to consumers through national food retail chains. Syngenta took full control of the company in 2005 and annual sales have since increased to around $80 million. Under its new ownership, Dulcinea will continue to grow and commercialize its current portfolio. Syngenta and Pacific Trellis have also signed a long-term supply agreement whereby Syngenta will continue to provide Dulcinea with mini-watermelon and specialty melon seed varieties.
Syngenta Chief Operating Officer, Davor Pisk, said: "The sale will allow Syngenta to focus on bringing innovation to growers and the food value chain in our core Vegetables business. Pacific Trellis is the best partner to provide Dulcinea with the expertise needed to achieve greater scale and long-term business growth."
Financial terms of the transaction were not disclosed. The deal is expected to close by the end of 2013.
Syngenta is one of the world's leading companies with more than 27,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.com.
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.
