Agricultural News
Syngenta Sustains Sales and Earnings Growth to Meet 2012 Half-Year Profit Results
Thu, 26 Jul 2012 11:00:00 CDT
The top executive of Syngenta AG, the Swiss-based global chemicals company which also markets seeds and pesticides, said he's pleased with the results the company has posted for the first half of 2012. Chief Executive Officer Mike Mack said in a video interview that overall sales were up ten percent over last year, with European sales improving nine percent and North American Sales growing 24 percent.
"Not only did we have good sales evolution, we were able to improve our profitability."
He said the company experienced some losses in Latin America, notably in Brazil and Argentina due to drought, but those losses were more than offset by gains in the far east.
"In Asia-Pacific, we had exceptionally strong growth. In China and Southeast Asia this was offset a little bit by some difficult weather conditions in Australia," Mack said.
"It was a very good first half for corn. First of all, we had double-digit growth in all the regions totaling 47 percent versus 2011, so terrific performance. But the mix of that was also important. We had growth of 19 percent in our corn seed and we had, of course, royalty income from the sale of our proprietary traits."
He said the company continued to move forward on the acquisition front in the first half of 2012
"Let's not forget we're not just about acquiring firms, we also involve ourselves in acquiring technology. And, during the first half, we announced three of those, one in our cereals business, also an agreement with DefGen for technology acquisition there, and with Jump Start, a project that we have Novizon. So our company continues to look for all sorts of ways to bring in new possibilities to address growth challenges."
You can watch the full interview with Mike Mack by clicking here.
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