Syngenta First Quarter 2011: Sales Exceed $4 Billion

BASEL, Switzerland, April 15, 2011 /PRNewswire/ --

• Sales up 13 percent at constant exchange rates
• Good start to Northern hemisphere season
• Strong growth in emerging markets continues

Sales in the first quarter of 2011 increased by 13 percent at constant exchange rates.  Volume expanded by 14 percent, representing the fourth consecutive quarter of double digit growth.  Reported sales were 14 percent higher at $4.02 billion.

Integrated Crop Protection and Seeds performance

In Europe, Africa and the Middle East, sales increased by 20 percent, with strong growth in both Crop Protection and Seeds.  A favorable environment encouraged early investment by wheat growers across the region.   Eastern Europe rebounded from difficult conditions in the second half of 2010 with increased demand for premium crop protection products and widespread adoption of high value sunflower seeds, where Syngenta is the market leader.  In North America, sales increased by 6 percent reflecting a strong Seeds performance.  Crop Protection sales were unchanged: robust volume growth in the USA compensated for lower prices, due to the timing of higher rebate recognition in 2010, as well as for lower sales of cereal herbicides in Canada.  Latin America continued its outstanding record with growth of 16 percent, driven in particular by fungicides, insecticides and corn seed.  Sales in Asia Pacific increased by 6 percent, with a decline in Japan more than offset by continuing expansion of crop protection usage in the emerging markets.  

Product line sales

Growth in Selective Herbicides was driven by cereal herbicides in Europe and by strong volume growth in the USA, reflecting the success of solutions for weed resistance in corn and soybean.  Non-selective Herbicide sales also increased, with volume growth notably in Latin America.  Fungicides expanded in all regions, with the main Northern hemisphere applications still to come.  Insecticides growth was broad-based across the portfolio, with sales of the new product DURIVO® more than doubling.  Sales of Professional Products increased by 4 percent, with some improvement in consumer markets in Europe.  

Combined sales of new Crop Protection products reached $185 million in the first quarter, an increase of 31 percent.  

Growth in Corn & Soybean seeds was driven by North America, where our enhanced corn portfolio has been well received, with rapid expansion also in Latin America.  Sales of Diverse Field Crops increased by one third on an underlying basis, driven by sunflower expansion in Russia and the Ukraine; acquisitions contributed a further 20 percent to growth.  Vegetables continued their track record of strong growth with expansion in all key crops.

Mike Mack, Chief Executive Officer, said: "Our first quarter sales performance demonstrates our ability to achieve significant growth across a business that is unrivalled in its breadth and reach. At the same time, we have made rapid progress in the implementation of our new commercial strategy, which is building on the combined strength of our Crop Protection and Seeds businesses to develop a fully integrated offer on a global crop basis.  By bringing together our commercial teams, we will be able to leverage the potential of our entire portfolio and to create additional value for our customers."

Syngenta is one of the world's leading companies with more than 26,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life.  For more information about us please go to www.syngenta.com.

Cautionary Statement Regarding Forward-Looking Statements

This document contains forward-looking statements, which can be identified by terminology such as 'expect', 'would', 'will', 'potential', 'plans', 'prospects', 'estimated', 'aiming', 'on track' and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta's publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefore.

SOURCE Syngenta