According to a press release by Syngenta, the new partner will enable strategic continuity and long-term investment in innovation, with future IPO intended.
“In making this offer, ChemChina is recognising the quality and potential of Syngenta’s business. This includes industry-leading R&D and manufacturing and the quality of our people worldwide. The transaction minimizes operational disruption; it is focused on growth globally, specifically in China and other emerging markets, and enables long-term investment in innovation. Syngenta will remain Syngenta,” said Syngenta chairperson Michel Demaré.
The deal is expected to be concluded by the end of 2016.
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