Syngenta to buy Maribo Seed sugar beet business
May 27, 2010
by Eric Schroeder
BASEL, SWITZERLAND — Syngenta International AG has agreed to acquire the Maribo Seed sugar beet business from Nordic Sugar, a subsidiary of Germany-based Nordzucker AG, for €43 million ($52.8 million) plus €5 million ($6.1 million) contingent payments on a cash and debt free basis.
The transaction, which includes Maribo Seeds production and sales activities and brand name, would allow Syngenta to consolidate its position in European sugar beet, said Davor Pisk, chief operating officer of Syngenta Seeds.
“Maribo Seed has incorporated Syngenta genetics in its range since 1992,” Mr. Pisk said. “It is a strong and well-established brand in key markets.”
Founded in 1920, Maribo Seed is based near Copenhagen in Holeby, Denmark. The company sells sugar beets in 35 countries and has commercial operations across Europe, including Russia, Poland, Denmark and the United Kingdom. In 2009, the company’s sales totaled approximately €35 million.