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UPDATE 1-Syngenta buys Argentine seeds company SPS

Mon Nov 10, 2008 1:26am EST

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ZURICH, Nov 10 (Reuters) - The world's largest agrochemicals company Syngenta AG (SYNN.VX) said on Monday it has bought SPS Argentina, a company specialised in development, production and marketing of soybean, corn and sunflower.

"The transaction will give Syngenta a significantly increased presence in the important soybean market in Argentina, complementing its existing strong positions in corn and sunflower," the company said in a statement.

Syngenta, which makes products to kill weeds and bugs as well as genetically modified seeds, did not disclose any financial details but said SPS had sales of $15 million in the fiscal year to March 2008 and around 50 employees.

It said Argentina was the world's third-largest soybean producer with 21 percent of global soybean production and some 48 million tons harvested in 2007, mostly for export to Asia and Europe. (Reporting by Emma Thomasson; Editing by Hans Peters)



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