Apr 10, 2017Acquisition of Syngenta by ChemChina moves forward
ChemChina and Syngenta have received approval from the U.S. Federal Trade Commission (FTC) for the proposed acquisition of Syngenta by ChemChina. In February 2016, the state-backed ChemChina offered to buy Syngenta for $43 billion.
Syngenta has developed and marketed many crop protectants for the control of diseases, weeds and insects in potatoes. Syngenta’s 2016 North American revenues totaled $3.2 billion (2015, $3.41 billion). Headquartered in Basil, Switzerland, the company has 28,000 employees in 90 countries. Under the acquisition, Syngenta’s headquarters will remain in Switzerland.
ChemChina, which is headquartered in Beijing, China, possesses production, R&D and marketing systems in 150 countries and regions. The company’s main businesses include materials science, life science, high-end manufacturing and basic chemicals, among others. Previously, ChemChina has acquired nine leading industrial companies in France, the United Kingdom, Israel, Italy, Germany and other countries.
The closing transaction for this acquisition is expected to take place in the second quarter of 2017.