Syngenta Third Quarter 2011: Sales Up 21 Percent at $2.7 Billion

BASEL, Switzerland, Oct. 14, 2011 /PRNewswire/ --

• Sales at constant exchange rates up 16 percent
• Good start to Latin American season
• Continued Northern hemisphere momentum
• Crop Protection prices up 3 percent

Sales in the third quarter of 2011 increased by 16 percent at constant exchange rates. Volume expanded by 13 percent, representing the sixth consecutive quarter of double digit growth, and prices rose 3 percent. In the first nine months of the year, sales were up 13 percent at constant exchange rates at $10.4 billion.

Integrated Crop Protection and Seeds performance*

In Latin America, our leading offers enabled growth of 27 percent across the portfolio. A robust soybean crop price and the expectation of lower production in the USA are leading to increased investment by soybean growers in Brazil and Argentina. Corn sales were also up strongly with rapid adoption of both herbicides and traits. In Europe, Africa and the Middle East, sales increased by 10 percent led by France and the CIS. Expansion of the range is reinforcing our market-leading positions in both Russia and Ukraine. In North America, sales increased by 10 percent with broad-based volume growth in crop protection and slightly higher pricing. Seeds sales in the low season included normalized end-of-season rebates which compared with a positive adjustment in the third quarter of 2010. In Asia Pacific, where sales increased by 13 percent, robust growth in crop protection more than offset higher seeds returns in South East Asia.

Product line sales*

Strong growth in Selective Herbicides was driven by Latin America and by early orders in the USA, where solutions for weed resistance in corn and soybean are increasingly in demand. Non-selective Herbicides sales increased reflecting higher TOUCHDOWN® sales in Latin America and the expansion of REGLONE® in the CIS. In Fungicides, the largest contribution came from the rapid expansion of usage in the emerging markets of Asia Pacific; in the USA, recognition of crop enhancement effects led to strong growth. Insecticides growth was led by ACTARA® and by the DURIVO® family, which is expanding rapidly in Latin America and is now launched on vegetables in China. Sales of Professional Products increased by 4 percent, with market share gains in Asia Pacific and in the consumer segment in Europe.

Combined sales of new Crop Protection products reached $484 million in the first nine months, an increase of 39 percent.

Growth in Corn & Soybean seeds was driven by Latin America, where investment in corn is increasing and we are seeing strong acceptance of our enhanced portfolio, including the VIPTERA™ trait. Sales of soybean seeds in Latin America more than doubled with the launch of new varieties and integrated solutions. Diverse Field Crops continued to show strong growth driven by sunflower in Argentina, with the acquisition of Maribo in sugar beet contributing 2 percent. Vegetables continued their track record of strong growth with expansion in all key crops.

Mike Mack, Chief Executive Officer, said: "In the third quarter of 2011, positive volume momentum continued and crop protection pricing improved as a result of the actions we have implemented. Our performance reflects the breadth of our portfolio, augmented by rapid growth in new crop protection products and the expansion of our corn trait coverage. In addition we expect the launch of integrated offers, such as our solutions for soybean in Latin America, to further reinforce our market positions.

"For the full year we expect substantial top line growth, higher profitability at constant exchange rates and a significant increase in free cash flow."

*Growth at constant exchange rates

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.

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SOURCE Syngenta