Syngenta acquires US flower seeds producer Goldsmith Seeds
Syngenta has signed an agreement to acquire Goldsmith Seeds, Inc., an industry leading breeder and producer of flower seeds, for an amount of $74 million, on a cash and debt-free basis.
Goldsmith breeds, produces and sells a broad range of pot and bedding products, including major crops such as cyclamen, impatiens and petunia.
“This acquisition is a perfect strategic fit with Syngenta Flowers and it significantly increases our proprietary flower seed portfolio”, says Robert Berendes, Head of Business Development at Syngenta. “The Goldsmith family has built up a world-class breeding company with an outstanding reputation that is known for its consistent quality. This acquisition further strengthens our leadership position in the global flowers industry.”
Syngenta will maintain the Goldsmith brand in the market under the Syngenta Flowers umbrella.
”We are very excited about joining Syngenta. The agreement will secure a robust future for Goldsmith products and employees as well as growth opportunities in a changing, consolidating environment,” says Joel Goldsmith, President of Goldsmith Seeds Inc.
Goldsmith Seeds is headquartered in Gilroy, California, since its inception in 1962. The business is owned and operated by the Goldsmith family, and has some 1,500 employees. The company has breeding and production facilities in Gilroy, as well as production facilities in Guatemala. Reported sales in 2007/2008 were $50 million.
The transaction is expected to close in the fourth quarter of 2008, pending regulatory approvals.
Syngenta Flowers is a worldwide leader in the pot and bedding plant industry with a large proprietary portfolio. Operating on a global basis, it breeds and markets high-quality flower seeds, young plants and cuttings for the ornamental industry. In 2007, Syngenta reported flowers sales of $272 million.
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 2007 were approximately $9.2 billion. Syngenta employs over 21,000 people in more than 90 countries. Syngenta is listed on the Swiss stock exchange (SYNN) and in New York (SYT). Further information is available at www.syngenta.com.
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