Swiss agri firm Syngenta has completed the acquisition of Netherlands-based Nidera Seeds from China’s COFCO International in a bid to improve Syngenta’s standing in South America.
Nidera was an important player in the South American seeds market across several key crops, holding a pool of germplasm and presence in several important countries in the region, including Argentina, Brazil, Paraguay and Uruguay, said Syngenta in a 7 February statement.
“Having Nidera Seeds under the leadership of Andre Dias become part of our business is very exciting,” said Syngenta CEO Erik Fyrwald. “Nidera has great germplasm, a strong R&D pipeline and a broad footprint across the region.”
Johnny Chi, CEO of COFCO International, said Nidera had significant growth potential and believed the firm would prosper under Syngenta.
COFCO International, the overseas agri platform of the COFCO Group, acquired a 51% stake of Nidera in 2014, but announced in November 2017 that it had agreed to offload the company to Syngenta.
According to Reuters, Nidera had been experiencing losses and accounting issues, which prompted COFCO to divest parts of it.
Syngenta was acquired by COFCO’s compatriot ChemChina earlier in 2017 in a US$43bn deal.