Syngenta recently announced actions to accelerate shareholder value
creation through unlocking the considerable inherent worth in its global
seeds portfolio. As stated in the company's full and half year results,
this will be achieved in a number of ways such as driving profitability
improvement, strategic partnerships or divestments.
Pursuant to this, the company announced its intention to divest its
global vegetables seeds business. This industry-leading, high margin
business has a significant global footprint and a wide array of
best-in-class varieties. As such, it is expected to attract significant
third-party interest.
The company also announced its intention to return significant levels of
capital to shareholders through a share repurchase program. The initial
program of more than $2 billion will commence in the coming weeks. This
will be in addition to the progressive dividend policy which the
company has followed for several years.
Michel Demare, Chairman, said: "The Board and management are determined
to accelerate shareholder value creation and our actions today underpin
our commitment to do so. Our commitment is also shown by the significant
capital return program that we announced today."
Mike Mack, Chief Executive Officer, said: "By demonstrating and
unlocking the inherent worth of our leading global seeds portfolio we
can create significant additional value. I look forward to updating
shareholders in the coming months on progress, including providing
further visibility on the underlying profitability of our portfolio of
assets.
"We continue to make excellent progress with our AOL program which,
together with our clear intent to drive margin improvement across the
business, underpins our confidence in our 2018 margin target of 24-26%.
For 2015 we reiterate the full year guidance that we outlined in July."
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