The Chinese group ChemChina and Sinochem, the Chinese fertilizer and agrochemical production company, announced that they are merging their agricultural assets into a new company called Syngenta Group, stated Syngenta on its website.
ChemChina, which bought Syngenta in 2016 for 43 billion dollars, and Sinochem will join the agricultural businesses of Syngenta, Adama, and the firms linked to Sinochem: Sinofert (fertilizers), Sinochem Agriculture, and Yangnong (agrochemicals) in the new group, according to market sources consulted by La Nacion.
The news about Syngenta Group became known at the same time that Mark Patrick, Syngenta's chief financial officer and an executive at the company since 2016, announced that he was leaving the company at the end of January. Mark was key during ChemChina's acquisition of Syngenta and its subsequent financing agreements.
Chen Lichtenstein, the current president and CEO of Adama (which was bought by ChemChina), will be appointed as the chief financial officer of the newly formed Syngenta Group, which will be located in Basel, Switzerland.
Chen joined Adama 14 years ago. The CEO of Syngenta Group, Erik Fyrwald, stated: "I look forward to working with Chen as we form Syngenta Group. I am sure that his extensive experience and strategic thinking will further improve our positioning in the industry and our ability to offer more value to farmers."
Source: lanacion.com.ar
