Syngenta takes full ownership of Tomono Agrica in Japan
Syngenta today announced that it has signed a letter of intent to take full control of Tomono Agrica, a crop protection marketing and distribution company in Japan. Under terms of the agreement, Syngenta will purchase a further 50% of Tomono Agrica’s shares bringing its shareholding to 100%. The consideration of this transaction is undisclosed. The transaction is expected to be completed by the end of August.
The integration of Tomono with Syngenta’s operations will strengthen the company’s growth potential in Japan and enhance Syngenta in this important market -- the world’s second largest crop protection market. Tomono Agrica’s strong sales and distribution capability will enable Syngenta to have full control of the marketing of its products in Japan.
"This acquisition is the culmination of many years’ close collaboration with a highly valued Japanese partner," said Michael Pragnell, CEO of Syngenta. "Tomono Agrica is a well-established company with a strong sales force and a significant presence in the Japanese crop protection market."
Tomono Agrica, established in 1912, has annual sales of approximately US $105 million, a staff of 170 and three major sites. Together, Syngenta and Tomono Agrica have sales of approximately US $250 million, representing about 10% of the Japanese crop protection market.
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