Syngenta: Key Crop Sales May Double From 2015
Swiss group Syngenta said on Tuesday its sales of key crops could double to $17 billion after 2015 and flagged second quarter sales that were robust despite poor weather conditions.
The world's largest pure play agrochemicals company said it had made major progress in implementing a new strategy announced in February which aims to integrate the company's commercial and research and development activities.
Executives are due to outline how the company targets market share gains at an investor event later in the day.
"Our confidence in the future growth potential of our business is underpinned by an innovation pipeline which will increase sales of key crops to over $17 billion post 2015, compared with $8.4 billion today," said Chief Executive Mick Mack in a statement.
"This, combined with our integrated business model, will enable us to grow faster than the global market and deliver superior returns to our shareholders."
Mach added that the resilience of sales in the second quarter, despite adverse weather conditions, showed the strength of Syngenta's current portfolio. Shares in Syngenta, which makes products to kill weeds and bugs as well as genetically modified seeds, have fallen 1.5% this year, underperforming a 2.2% rise in the European chemicals sector.
