The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

Syngenta to divest growing media from Lawn and Garden business

Monday, June 11, 2012

Syngenta to divest growing media from Lawn and Garden business01:00 EDT Monday, June 11, 2012- Sale of Fafard growing media to Sun Gro Horticulture Ltd. - Continued focus on innovative flowers solutionsBASEL, Switzerland, June 11, 2012 /PRNewswire/ -- Syngenta announced today that Sun Gro Horticulture Ltd., the leading North American producer of growing media, has signed an agreement to acquire the Fafard peat unit of the Lawn and Garden business. Under the terms of the agreement, Sun Gro will acquire all Fafard's US and Canadian assets, including employees and production plants.Robert Berendes, Head of Business Development, said: "Our strategy is to deliver innovative solutions that make flowers easy and rewarding to grow for professional horticulturalists and for end consumers. We will collaborate with Sun Gro both commercially and in R&D to include growing media in our integrated offers.  Expansion of these offers will be driven by our leading portfolio of genetics and chemical controls." Fafard had sales of $88 million in 2011. Financial terms of the transaction were not disclosed. The transaction closed simultaneously with signing of the agreement.Syngenta is one of the world's leading companies with more than 26,000 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 Statement Regarding Forward-Looking StatementsThis 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.Syngenta International AG Media contact: Analyst/Investor contact:Media Office Daniel Braxton Jennifer GoughCH-4002 Basel Switzerland +41 61 323 2323Switzerland +41 61 323 5059Switzerland USA             +1 202 737 6521Tel:   +41 61 323 2323Fax:  +41 61 323 2424www.syngenta.comSOURCE Syngenta