Syngenta sees 5% revenue rise

Pharma

The Hungarian units of Swiss agribusiness company Syngenta expect revenue to climb at least 5% this year over HUF 29 billion in 2011, Syngenta Magyarország managing director Tibor Czigány said at a press conference on Wednesday.

Last year, revenue rose 8-10%, Czigány said.

Syngenta has merged its herbicide/pesticide and seed businesses in Hungary as part of a global initiative by the parent company, he said.

Czigány noted that the integration of Syngenta's two divisions, announced in February 2011, has been completed, and the pesticide sales and seed sales businesses have merged in Hungary as happened elsewhere.

Syngenta started a HUF 7.5 billion development in the second half of last year aimed at increasing production capacity at its seed plant in Mezőtúr (E Hungary). The plant is Syngenta's most modern one worldwide and the biggest in Europe, marketing manager János Bíró said.

The development will increase capacity by 50% in maize processing, 100% in maize harvesting and almost 200% in seed storage.

The investment will increase Hungarian farmers' annual revenues by an average of HUF 1.5 billion. This year, Syngenta will pay almost HUF 6 billion for farmers producing sowing seeds.

Syngenta currently holds 24% of the Hungarian market for maize, 33% for other field crops and 34% for vegetables.

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