Synthomer Np Discussion Threads

[ariane] 21/11/2006 06:29

Heard on the Street: Seeds may help Syngenta grow
Monday, November 20, 2006

By Karen Richardson, The Wall Street Journal


Better known for dark chocolate and fine cheeses, the Swiss are now aiming to become a force in one of the new world's most common commodities: corn.

Syngenta AG, a Swiss company listed in Zurich with American depositary shares trading on the New York Stock Exchange, bets that if it builds the right genetically modified seeds, profits will come -- and some investors like its chances.

It offers a cheaper way into the booming $56 billion agricultural-chemical industry than its biggest U.S. rival, Monsanto Co. "There are some stocks in which you look out for performance over two and three years, and this is one of them," says Madelynn Matlock, who manages $270 million for the Huntington International Equity Fund, a mutual fund based in Columbus, Ohio.

Syngenta was her fund's third-largest holding as of the end of September, according to data firm FactSet Research Systems, with 183,100 shares worth $6.3 million at current market prices.

As falling global inventories of corn and high oil prices have boosted demand and prices for ethanol -- a plant-based fuel that the U.S. Department of Agriculture predicts this year will consume about 20 percent of the total U.S. corn harvest -- shares of companies that sell products to improve crop production have soared.

Corn prices have risen 66 percent so far this year. Meanwhile, shares of Monsanto, St. Louis, are up 21 percent, and DuPont Co., Wilmington, Del., are up 11 percent.

Syngenta, based in Basel, is up a huge 38 percent. Its depositary shares closed Friday on the Big Board down 1.1 percent at $34.05.

Syngenta still looks like a bargain. With a market value of about $25 billion, Monsanto is trading at about 29 times estimated per-share earnings for the next four quarters, according to Thomson Financial; Syngenta, with a market value of about $17 billion, is trading at just under 20 times estimated earnings.

The company has two main businesses. Crop protection, which refers to herbicides, pesticides and other chemicals, accounted for 78 percent of the company's sales last year, or some $6.3 billion. The seed business, which competes with Monsanto in the areas of genetically modified field crops, vegetables and flowers, had sales of $1.8 billion, or 22 percent of the total.

Syngenta was formed in 2000 by the merger of the agrochemical businesses of Novartis AG, the Swiss drug titan, and AstraZeneca PLC, the Anglo-Swedish pharmaceuticals company. In its early days, the company won investors by cutting costs and restructuring, and less by achieving strong earnings growth. By last year, some investors began to predict greater increases in profit.

"The real growth opportunity is that crop prices and farm income are on the rise," says Jonathan Eng, an analyst at Causeway Capital Management, a Los Angeles investment firm that manages about $17 billion in assets. It has owned Syngenta's Zurich-listed shares since 2003 and now owns about $230 million in the Swiss shares and American depositary shares.

To be sure, much of Syngenta's longer-term performance hinges on the success of seed products that will be introduced starting next year. Among the most anticipated -- a product called corn amylase that increases the yield of starch that can be converted into ethanol -- is slated to launch in 2008, when the price of ethanol and the demand for corn is uncertain. This year, rising ethanol supplies, falling gasoline prices and a surge of Brazilian imports of sugar-cane-derived ethanol have combined to cut the spot price of a gallon of ethanol by 45 percent from its record high this summer.

Some say Monsanto deserves to be valued higher than Syngenta, because it is by far the market leader in the lucrative business of crop biotechnology. They argue that Syngenta has little incentive to develop the seed business at a faster rate, because it would erode the company's biggest revenue generator, the crop-protection business.

A farmer who uses Syngenta's new Agrisure RW corn seeds, which protect against infestation by the rootworm beetle, for example, may have less need for Syngenta's Force brand insecticide, which also targets rootworm.

"Ultimately, the winner of the game is going to be the one with the best germ plasm," says Edward Von der Linde, who manages Lord Abbett Midcap Value Fund, a Monsanto investor, referring to the core material used for the genetic-modification business. "On a long-term basis, Monsanto has the tiger by the tail."

Syngenta disagrees. The genetically modified seed business "will never be the complete answer," says Anne Burt, a Syngenta spokeswoman. "Based on the reality of agricultural needs, we will require ongoing sophistication in chemistry, as well as strong GM offerings."

A Monsanto spokeswoman said the company doesn't discuss valuation issues as a matter of policy.

Supporters of Syngenta argue that the company's new crop-protection products have higher margins than older lines, and that higher margins expected in the expanding genetically modified seeds business will eventually offset the erosion in crop-protection revenue. Syngenta says it expects to steadily boost its margins -- the difference between sales and production costs -- on earnings before interest, tax, depreciation and amortization for the seeds business to 15 percent by 2010 from 8.2 percent last year. At the same time, it expects to boost its market share in crop protection by 0.5 percent a year.

The company, which had earnings growth last year of about 27 percent, says it expects to report double-digit earnings growth for 2006.

Syngenta is aiming to capitalize in the next two to three years on the craze for ethanol and other plant-based fuels, such as diesel fuel made from plants. In April, it formed a joint venture with DuPont to license some of their genes and breeding lines to seed companies, aimed squarely at taking some of Monsanto's market share.

With steady cost savings and strong cash generation, Syngenta also has been able to implement share buybacks and increase dividends, policies popular among shareholders. So far this year, Syngenta has paid out $889 million to shareholders, and $1.6 billion since 2005. "We like the use of cash," says Mr. Eng, who says Syngenta has been a "very solid holding."

[grupo guitarlumber] 20/11/2006 10:47

Vontobel Restarts Syngenta At Mkt Outperform

Monday, November 20, 2006 5:06:16 AM ET
Dow Jones Newswires



0852 GMT [Dow Jones]--Vontobel restarts Syngenta (SYT) coverage at market outperform compared with its previous rating of market perform. The bank cites good business prospects and expectations of a share buyback, and sees upside for the stock. It says any volatility near year-end on Latin America difficulties would be a buying opportunity. Has price target of CHF225. Shares trade -0.2% at CHF211.40. (MGE)

[grupo guitarlumber] 20/11/2006 05:48

FREE PREVIEW
New Seeds May Sow Stock Gains for Syngenta
By Karen Richardson
Word Count: 997 | Companies Featured in This Article: Syngenta, Monsanto, DuPont, Novartis
Better known for dark chocolate and fine cheeses, the Swiss are aiming to become a force in one of the new world's most common commodities: corn.
Syngenta AG, a Swiss company listed in Zurich with American depositary shares trading on the New York Stock Exchange, bets that if it builds the right genetically modified seeds, profits will come -- and some investors like its chances.

It offers a cheaper way into the booming $56 billion agricultural-chemical industry than its biggest U.S. rival, Monsanto Co. "There are some stocks in which you look out for performance over two and three years, ...

• THE FULL WSJ.com ARTICLE IS ONLY AVAILABLE TO SUBSCRIBERS.

[waldron] 16/11/2006 08:25

MSNBC.com


--------------------------------------------------------------------------------
Monsanto: giant of the $6.15bn GM market
By Salamander Davoudi in London
Financial Times
Updated: 1:40 a.m. ET Nov. 16, 2006
Last year marked the first decade of the commercialisation of genetically modified crops and the planting of the billionth GM acre.

The global market for such seeds and traits – the GM portion of the technology added to seed – is growing at 10 per cent a year as farmers increasingly look to protect crops from insect damage and disease.

This market, which is primarily made up of soyabean, cotton, canola (oilseed rape) and corn seeds, will this year be worth $6.15bn, according to Cropnosis, the Edinburgh-based consultancy.

Last year, GM crops were planted on 222m acres around the world, with the US and Argentina leading the way with 123m and 42m acres respectively, according to the International Service for the Acquisition of Agri-Biotechnology Applications.

But while there has been significant growth in the market across the world, the GM seed industry remains dominated by a single name – Monsanto.

The US agribusiness has its genetically modified corn, cotton, soyabean and canola seeds planted on 217.2m acres – more than 90 per cent of global biotech acreage.

"They have completely taken over this market. They are huge," says Kin Cheung, analyst at Cropnosis. "Monsanto have the most successful products and the broadest range."

Mr Cheung points out that in spite of market dominance, Monsanto licenses many traits and has not faced competition issues.

Spun out of pharmaceuticals group Pfizer in 2002, Monsanto has changed its business mix away from herbicides and is increasingly dependent on its higher-margin GM seed business.

This year the company allocated more than $700m to biotech and seed research and pledged a tenth of its sales revenue to research and development. Monsanto has 12 science research centres and more than a dozen important alliances with biotech companies.

The seed and genomics business had sales of $4bn for 2006, or more than half of Monsanto's total revenue.

Switzerland's Syngenta, the second-largest agricultural biotech company, has its seeds planted on 7.9m acres of global biotech acreage, or under 4 per cent of the global total.

The company – which is largely restricted to the maize sector – made about $729m in revenue from GM seed sales, or 9 per cent of its total revenue.

Other agricultural biotech companies in the market include DuPont, Dow and Bayer CropScience, which was formed in 2001 by Bayer's purchase of Aventis.

Last April, Dupont and Syngenta signed a wide-ranging cross-licensing deal and a joint venture to sell their GM corn and soyabean technology to independent seed producers.

They hope the agreement will enable them to challenge Monsanto's dominance of the industry.

"Monsanto is so diversified. There is unlikely to be any serious competition to the company in the near future," Mr Cheung says.

However, one company intends to take on Monsanto's dominance of the market. Cibus, a San Diego-based biotech company, has developed a technology that can deliver the benefits of GM without inserting foreign genes into a crop.

Stephen Evans-Freke, the company's chairman, expects the technology to appeal to Europe, where the introduction of GM crops have faced strong opposition. Mr Evans-Freke even expects to win converts in Monsanto's home market, a region where farmers have welcomed the GM business.

© The Financial Times Ltd 2006. "FT" and "Financial Times" are trademarks of the Financial Times.Copyright The Financial Times Ltd. All rights reserved.
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[waldron] 15/11/2006 14:02

Citigroup Downgrades Syngenta To Hold

Wednesday, November 15, 2006 8:21:05 AM ET
Dow Jones Newswires



1155 GMT [Dow Jones] Citigroup downgrades Syngenta (SYT) to hold from buy on valuation, but lifts price target to CHF215 from CHF210. Says the stock has now reached the bank's updated target, and the company's good strategic position and positive business prospects are discounted in the share price. Trades -0.3% at CHF214.60. (MGE)

[ariane] 13/11/2006 18:17

NEW ANALYST REPORT ABOUT SYNGENTA
Nov. 13, 2006

by Morningstar's Ben Johnson

Syngenta's crop protection business is on the losing end of agriculture's biotech revolution, and its seeds business is a late entrant in the battle to sew genetically modified (GM) seeds. Consequently, we feel that no-moat Syngenta will find it difficult to reap the full rewards of this new era in agriculture.

As pest-resistant GM seeds are sown over an ever-increasing portion of the agricultural landscape, producers of traditional pesticides have seen their sales begin to falter. Syngenta is no exception to this trend. The firm has seen a gradual slowing in sales of its selective herbicides and insecticides over the past few years, as seeds with built-in resistance to pests and non-selective herbicides are more broadly planted.

A few bright spots remain, however. Syngenta benefits from having a broad portfolio of pesticides, and while the increased adoption of GM row crops like soybeans and corn has eaten away at demand for selective herbicides and pesticides, Syngenta operates in a number of niches that have yet to be flooded by GM varieties. Its portfolio includes treatments for Asian soybean rust, a disease common in soybean fields of South America, and fungicide treatments for wheat--a crop that to date has been largely untouched by genetic engineers. Syngenta is also a leader in seed treatment applications. These treatments are applied to seeds prior to planting, and protect crops in the earliest stages of development. Seed treatment posted double-digit growth in 2005 and should remain a steady performer in coming years.

Syngenta is increasing investment in GM seeds in an effort to counterbalance slipping crop-protection sales. In 2004, the company made its first significant inroad into the North American market by acquiring corn and soybean seed producers Garst and Golden Harvest. Yet, Syngenta's arrival in this key market is unfashionably late. Seeds stalwarts Monsanto MON and DuPont's DD Pioneer have saturated the corn and soybean markets in the Americas over the course of the past decade.

Stealing acreage from the incumbents is a tall order for Syngenta, whose technologies lag the competition by at least two generations. Until it can develop its own traits, Syngenta will continue to license its GM technology from Monsanto. As far as developing proprietary technologies is concerned, we estimate that Syngenta's 2005 R&D spending came in at around $300 million, about half of what Monsanto and DuPont each spent in developing their technologies. Barring any significant leaps forward, we think that Syngenta will be playing catch-up for years to come.


Valuation

We are maintaining our fair value estimate of $29 for Syngenta's ADR. We expect to see further softness in crop protection sales, with growth in these lines averaging 3.3% over the next five years, largely bolstered by continuing double-digit growth in the seed treatment business. We see sales in the seeds business compounding at an average of 7.1% over the next five years. Overall, we expect Syngenta to grow its top line at an average of 4.2% over the next five years. We forecast an improvement in crop protection operating margins stemming from a decrease in R&D spending and continuing operational improvements. We see operating margins for that segment expanding to 16.8% in the final year of our forecast from 15.7% in 2005. We see dramatic improvements in seed segment operating margins as a result of new product introductions and the introduction of proprietary technologies. We peg seed segment operating margins at 7.5% in the final year of our forecast compared with 0.9% in 2005. We deduct $1 from our fair value estimate to account for Syngenta's pension and postretirement obligations. Finally, we discount all future cash flows using an estimated blended cost of capital of 9.2%.

Risk

Demand for Syngenta's crop protection products is highly sensitive to weather patterns. Unfavorable planting conditions can quickly erode demand. In seeds, Syngenta is placing a big bet on being able to compete in the biotech crop arena. The possibility of its investment in this business not paying off is a real concern. Syngenta also faces the ongoing possibility of incurring unforeseen legal and environmental costs on top of significant currency translation risk.

Strategy

Syngenta has taken a seat at the biotech table and is looking to get a larger piece of the pie in the lucrative corn and soybean seed markets. We would not be surprised to see further acquisitions along the lines of the Golden Harvest and Garst purchases as part of the firm's efforts to capture market share. Meanwhile, an ongoing operational improvement program and cutbacks in R&D spending are helping to slash costs and improve profitability in the crop-protection business.

[waldron] 27/10/2006 13:32

This crop revolution may succeed where GM failed


Gene splicing has been made obsolete by a cutting-edge technology that greatly accelerates classical plant breeding

Jeremy Rifkin
Thursday October 26, 2006
The Guardian


For years, the life-science companies - Monsanto, Syngenta, Bayer, Pioneer etc - have argued that genetically modified food is the next great scientific revolution in agriculture, and the only efficient and cheap way to feed a growing population in a shrinking world. Non-governmental organisations - including the Foundation on Economic Trends, of which I am president - have been cast as the villains in this agricultural drama, and often categorised as modern versions of the Luddites, accused of continually blocking scientific and technological progress because of our opposition to GM food.

Now, in an ironic twist, new cutting-edge technologies have made gene splicing and transgenic crops obsolete and a serious impediment to scientific progress. The new frontier is called genomics and the new agricultural technology is called marker-assisted selection (MAS). The new technology offers a sophisticated method to greatly accelerate classical breeding. A growing number of scientists believe MAS - which is already being introduced into the market - will eventually replace GM food. Moreover, environmental organisations that oppose GM crops are guardedly supportive of MAS technology.

Rapidly accumulating information about crop genomes is allowing scientists to identify genes associated with traits such as yield, and then scan crop relatives for the presence of those genes. Instead of using molecular splicing techniques to transfer a gene from an unrelated species into the genome of a food crop to increase yield, resist pests or improve nutrition, scientists are now using MAS to locate desired traits in other varieties or wild relatives of a particular food crop, then crossbreeding those plants with the existing commercial varieties to improve the crop. This greatly reduces the risk of environmental harm and potential adverse health effects associated with GM crops. Using MAS, researchers can upgrade classical breeding, and cut by 50% or more the time needed to develop new plant varieties by pinpointing appropriate plant partners at the gamete or seedling stage.

Using MAS, researchers in the Netherlands have developed a new lettuce variety resistant to an aphid that causes reduced and abnormal growth. Researchers at the US department of agriculture have used MAS to develop a strain of rice that is soft on the outside but remains firm on the inside after processing. Scientists in the UK and India have used MAS to develop pearl millet that is tolerant of drought and resistant to mildew. The crop was introduced into the market in India in 2005.

While MAS is emerging as a promising new agricultural technology with broad application, the limits of transgenic technology are becoming increasingly apparent. Most of the transgenic crops introduced into the fields express only two traits, resistance to pests and compatibility with herbicides, and rely on the expression of a single gene - hardly the sweeping agricultural revolution touted by the life-science companies at the beginning of the GM era.

There is still much work to be done in understanding the choreography, for example, between single genetic markers and complex genetic clusters and environmental factors, all of which interact to affect the development of the plant and produce desirable outcomes such as improved yield and drought resistance. Also, it should be noted that MAS is of value to the extent that it is used as part of a broader, agro-ecological approach to farming that integrates new crop introductions with a proper regard for all of the other environmental, economic and social factors that together determine the sustainability of farming.

The wrinkle is that the continued introduction of GM crops could contaminate existing plant varieties, making the new MAS technology more difficult to use. A landmark 2004 survey conducted by the Union of Concerned Scientists found that non-GM seeds from three of America's major agricultural crops - maize, soya beans and oil-seed rape - were already "pervasively contaminated with low levels of DNA sequences originating in genetically engineered varieties of these crops".

Not surprisingly, MAS technology is being looked at with increasing interest within the European Union, where public opposition to GM food has remained resolute. In a recent speech, Stavros Dimas, the EU's environment commissioner, noted that "MAS technology is attracting considerable attention" and said that the EU "should not ignore the use of 'upgraded' conventional varieties as an alternative to GM crops".

As MAS becomes cheaper and easier to use, and as knowledge in genomics becomes more easily available over the next decade, plant breeders around the world will be able to exchange information about best practices and democratise the technology. Already plant breeders are talking about "open source" genomics, envisioning the sharing of genes. The struggle between a younger generation of sustainable-agriculture enthusiasts anxious to share genetic information and entrenched company scientists determined to maintain control over the world's seed stocks through patent protection is likely to be hard-fought, especially in the developing world.

If properly used as part of a much larger systemic and holistic approach to sustainable agricultural development, MAS technology could be the right technology at the right time in history.

· Jeremy Rifkin is the author of The Biotech Century
[e-mail]

[waldron] 23/10/2006 10:40

Deutsche, Lehman Raise Syngenta Target Price

Monday, October 23, 2006 4:48:41 AM ET
Dow Jones Newswires



0729 GMT [Dow Jones]--Deutsche Bank raises Syngenta (SYT) target price to CHF235 from CHF200, and keeps buy rating, to reflect impact of a 2%-to-6% increase in EPS forecasts for 2007 to 2009, in the wake of company's report of 3Q sales Friday. Lehman Brothers raises target price to CHF200 from CHF187 and keeps overweight rating. Sharess trade -0.6% at CHF197.3. (AAG)

[waldron] 23/10/2006 10:26

Syngenta "buy," target price raised

Monday, October 23, 2006 4:34:58 AM ET
Deutsche Bank

LONDON, October 23 (newratings.com) - In a research note published on October 20, analyst Jonathan Jayarajan of Deutsche Bank maintains his "buy" rating on Syngenta (SVJ.ETR). The target price has been raised from CHF200 to CHF235.

[waldron] 20/10/2006 07:13

3rd Quarter Results

RNS Number:7743K
Syngenta AG
20 October 2006


Media Release




Third Quarter Trading Statement 2006



Basel, Switzerland, 20 October 2006

Sales in the third quarter of 2006 increased by 1% to $1.41bn (2005: $1.39bn);
at constant exchange rates (CER) sales were unchanged. For the first nine
months sales were 1% lower (CER) at $6.61bn.

In Crop Protection, third quarter sales rose 2% (CER). In the low season in the
northern hemisphere, sales in Europe, Africa and the Middle East were higher
with further growth in Eastern Europe; in NAFTA sales were lower reflecting a
challenging environment in the USA. Growth slowed somewhat in Latin America in
difficult market conditions in Brazil. Broad based growth was achieved in Asia
Pacific.

For the first nine months, sales of new products rose 20% to $784 million. In
the quarter, fungicides sales were higher following an inventory adjustment in
the USA in 2005; lower sales of selective herbicides reflected timing
differences between the last two quarters; insecticides sales were lower in
comparison with a strong performance last year. In Professional Products, Conrad
Fafard, Inc. was consolidated in the quarter.

Seeds sales were 5% lower in the quarter. In Corn & Soybean, higher corn sales
in the USA were more than offset by lower soybean sales due to end of season
channel adjustments; sales in Latin America were lower primarily due to reduced
acreage in Brazil. Diverse Field Crops again generated strong growth, notably in
Eastern Europe. Vegetables and Flowers also delivered a good performance
driven, in particular, by the expanding demand for fresh produce in NAFTA and
double digit growth in the developing markets of Asia Pacific.

For the full year 2006, the company continues to target double digit growth in
earnings per share*.

* Fully diluted, before restructuring, impairment and share repurchase
program.

Syngenta is a world-leading agribusiness committed to sustainable agriculture
through innovative research and technology. The company is a leader in crop
protection, and ranks third in the high-value commercial seeds market. Sales in
2005 were approximately $8.1 billion. Syngenta employs some 19,000 people in
over 90 countries. Syngenta is listed on the Swiss stock exchange (SYNN) and in
New York (SYT). Further information is available at www.syngenta.com.


Analyst/Investor Jonathan Seabrook (Switzerland) [phone]
Enquiries:
Jennifer Gough (Switzerland) [phone]
Rhonda Chiger (USA) + 1 [phone]
Media Enquiries: Medard Schoenmaeckers [phone]
Sarah Hull (USA) + 1 [phone]

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.



Unaudited Nine Months Product Line and Regional Sales

Syngenta 9 Months 2006 9 Months 2005 Actual CER(1)

$m $m % %
Crop Protection 5119 5155 - 1 -
Seeds 1541 1637 - 6 - 4
Plant Science 1 0 + 58 + 58
Inter-segment elimination(2) (51) (16) - -
Third Party Sales 6610 6776 - 2 - 1

Crop Protection
Product line
Selective herbicides 1568 1640 - 4 - 3
Non-selective herbicides 601 565 + 6 + 6
Fungicides 1346 1423 - 5 - 3
Insecticides 854 876 - 3 - 1
Professional products 709 636 + 11 + 11
Others 41 15 - -
Total 5119 5155 - 1 -
Regional
Europe, Africa and Middle East 1834 1923 - 5 - 1
NAFTA 1882 1900 - 1 - 2
Latin America 635 604 + 5 + 5
Asia Pacific 768 728 + 6 + 8
Total 5119 5155 - 1 -

Seeds
Product line
Corn & Soybean 745 854 - 13 - 12
Diverse Field Crops 278 275 + 1 + 6
Vegetables and Flowers 518 508 + 2 + 4
Total 1541 1637 - 6 - 4
Regional
Europe, Africa and Middle East 617 638 - 3 + 2
NAFTA 766 849 - 10 - 10
Latin America 79 83 - 4 - 4
Asia Pacific 79 67 + 19 + 20
Total 1541 1637 - 6 - 4



(1) Growth at constant exchange rates.

(2) Crop Protection inter-segment sales to Seeds.



Unaudited Third Quarter Product Line and Regional Sales

Syngenta 3rd Quarter 2006 3rd Quarter 2005 Actual CER(1)

$m $m % %
Crop Protection 1203 1168 + 3 + 2
Seeds 222 228 - 3 - 5
Plant Science 0 0 - -
Inter-segment elimination(2) (14) (6) - -
Third Party Sales 1411 1390 + 1 -

Crop Protection
Product line
Selective herbicides 255 289 - 12 - 13
Non-selective herbicides 179 174 + 3 + 1
Fungicides 281 222 + 27 + 25
Insecticides 252 275 - 9 - 9
Professional products 219 218 + 1 -
Others 17 -10 - -
Total 1203 1168 + 3 + 2
Regional
Europe, Africa and Middle East 382 354 + 8 + 4
NAFTA 303 318 - 5 - 5
Latin America 308 297 + 4 + 4
Asia Pacific 210 199 + 6 + 6
Total 1203 1168 + 3 + 2

Seeds
Product line
Corn & Soybean 37 64 - 42 - 42
Diverse Field Crops 36 32 + 11 + 7
Vegetables and Flowers 149 132 + 13 + 10
Total 222 228 - 3 - 5
Regional
Europe, Africa and Middle East 100 98 + 2 - 3
NAFTA 50 57 - 12 - 12
Latin America 44 50 - 12 - 12
Asia Pacific 28 23 + 18 + 17
Total 222 228 - 3 - 5



(1) Growth at constant exchange rates.

(2) Crop Protection inter-segment sales to Seeds.






This information is provided by RNS
The company news service from the London Stock Exchange
END

QRTMMBATMMATMFF

[waldron] 10/10/2006 08:19

Syngenta initiated with "overweight"

Monday, October 09, 2006 11:02:51 AM ET
J.P. Morgan Securities

LONDON, October 9 (newratings.com) - Analyst Neil C Tyler of JP Morgan initiates coverage of Syngenta (SVJ.ETR) with an "overweight" rating. The target price is set to SFr220.

In a research note published this morning, the analyst mentions that the company's product portfolio is likely to benefit going forward from a possible shift from Soya to other cereal crops in the US. Syngenta's organic growth and margins are expected to continue to be driven by the expanding seeds and traits offering, the analyst says. The company is likely to distribute cash to its shareholders in the near future due to its solid cash generation and margins, JP Morgan adds.

[waldron] 09/10/2006 08:17

Syngenta says can reach double-digit EPS growth this yr instead of 2008

ZURICH (AFX) - Syngenta AG said it expects to reach double-digit growth this
year, a target the Swiss agrochemicals group was originally aiming for in 2008.
"The 2008 target already applies for 2006," chief executive Michael Pragnell
told German daily Frankfurter Allgemeine Zeitung in an interview, cautioning
that much depends on weather conditions.
The group aims to achieve this goal through continued cost discipline and
share buybacks.
[e-mail]
ckj/tc

[waldron] 05/10/2006 05:17

Syngenta Agrisure Approval To Help Margins

Wednesday, October 04, 2006 11:47:19 AM ET
Dow Jones Newswires



1423 GMT [Dow Jones] Syngenta (SYT) wins approval for its corn rootworm trait, Agrisure, in US. This is positive, even though the impact on sales is likely to be limited because this proprietary technology will simply replace in-licensed products, says Sal. Oppenheim's Rahul Sen Gupta. "Given that own proprietary products will hit the market in 2007 and 2008, the royalty payments will fall away and, thus, flowing directly through the P&L to the EBITDA line," he says. As result, he expects an up to 330 basis point improvement in the operating margin of the Seeds division. Keeps buy rating with CHF175 target price. Shares +1.3% at CHF192.40. (DER)

[waldron] 04/10/2006 08:13

2006:
Third quarter results 20 October 2006

2007:
Full year results 8 February 2007
First quarter sales 2 May 2007
Half year results 26 July 2007
Third quarter sales 18 October 2007

[waldron] 04/10/2006 07:34

Regulatory Approval

RNS Number:9245J
Syngenta AG
04 October 2006



Syngenta's corn rootworm biotech trait approved in the USA


Basel, Switzerland, October 4, 2006

Syngenta announced today that its corn rootworm trait, AgrisureTM RW, has
received registration approval from the US Environmental Protection Agency
(EPA). Syngenta will launch for sale corn seed containing Agrisure RW for the
2007 growing season in the USA, the world's largest corn market.

"The approval of Agrisure RW in this fast-growing biotech market is a major step
in our strategy to bring all three of the leading input traits to the corn
market," says Jeff Cox, Head of Syngenta Global Corn and Soybeans. "This new
high-performing trait offers growers industry-leading control of rootworm while
delivering full yield potential."

Agrisure RW will be available to US growers as a single trait and stacked with
glyphosate tolerance through elite hybrids from Garst(R), Golden Harvest(R) and
NK(R). Syngenta also plans to market the trait for use in other leading seed
brands through its GreenLeaf Genetics joint venture U.S. registration is
pending for its Agrisure RW trait stacked with corn borer enabling the
commercialization of the triple stack of glyphosate tolerance, corn borer and
rootworm resistance.

Syngenta is a world-leading agribusiness committed to sustainable agriculture
through innovative research and technology. The company is a leader in crop
protection, and ranks third in the high-value commercial seeds market. Sales in
2005 were approximately $8.1 billion. Syngenta employs some 19,000 people in
over 90 countries. Syngenta is listed on the Swiss stock exchange (SYNN) and in
New York (SYT). Further information is available at www.syngenta.com.




Media Enquiries: Switzerland: Medard Schoenmaeckers Tel: [phone]
USA: Sarah Hull Tel: [phone]
UK: Andrew Coker Tel: [phone]

Analysts/Investors: Switzerland: Jonathan Seabrook Tel: [phone]
Jennifer Gough Tel: [phone]
USA: Rhonda Chiger Tel: [phone]


Cautionary Statement Regarding Forward-Looking Statements

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[waldron] 03/10/2006 13:34

Syngenta Gets Revus OK At The Right Time

Tuesday, October 03, 2006 4:31:53 AM ET
Dow Jones Newswires



0713 GMT [Dow Jones]--Approval for Syngenta's (SYT) new fungicide Revus came "just at the right time," because it will now already be available for the next planting season, says Cheuvreux analyst Patrick Lambert. Expects company will also benefit from French government decision to promote biofuels such as ethanol as an alternative to gasoline. Biofuels can be produced from a variety of food crops such as sugar cane, sugar beet, corn or rapeseed. "It's a small market, but if a small market grows by 200% or 300% that is still very helpful." Rates strong buy with CHF212 target. Trades +0.3% at CHF189.60. (AAG)

[waldron] 03/10/2006 09:29

Syngenta To Outperform SMI On Revus Approval

Tuesday, October 03, 2006 4:01:54 AM ET
Dow Jones Newswires



0648 GMT [Dow Jones]--Syngenta (SYT) will probably outperform the broader market Tuesday, after it received its first European and Asian approvals for its new fungicide Revus, says Sarasin analyst Bernd Pomrehn. "Syngenta is already the market leader in the high-margin fungicides segment, and approval for Revus bodes well for both sales and margins." Revus is one of six products in company's pipeline that it wants to launch by 2012. The company expects Revus to achieve peak sales of around $100M annually, which is considered a blockbuster in the agrochemical industry. Rates at buy with CHF205 target. Syngenta closed Monday at CHF189.10. (AAG)

[waldron] 03/10/2006 07:08

Syngenta's fungicide Revus approved in Austria, South Korea

LONDON (AFX) - Swiss agribusiness company Syngenta AG announced that
fungicide Revus has received its first European approval in Austria and was also
cleared by South Korea.
Further approvals are targeted for the 2007 crop season, with global peak
sales expected to exceed 100 mln usd annually, Syngenta said.
Revus provides long-lasting protection against late blight in potatoes and
tomatoes, as well as downy mildew in vines and vegetable crops.
The product is Syngenta's third new launch of the season, with another five
crop protection products planned for launch by 2012, it said.




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[waldron] 15/9/2006 11:03

Helvea Downgrades Syngenta To Accumulate

Friday, September 15, 2006 5:00:14 AM ET
Dow Jones Newswires



0739 GMT [Dow Jones]--Helvea downgrades Syngenta (SYT) to accumulate from buy as recent share price advances leave upside on stock limited. News that company will cut about 480 jobs isn't surprising, as restructuring is to play a big part in Syngenta's investment story, say Helvea analyst Martin Flueckiger. Target is CHF205. Shares trade -0.6% at CHF181.70. (KAB)

[waldron] 15/9/2006 07:37

Syngenta to slash some 480 jobs in Switzerland, UK

ZURICH (AFX) - Syngenta AG is to cut down on its research and development
costs and data production by slashing some 480 jobs, including 50 jobs in the
Basel region and jobs in the UK, Basler Zeitung reported Friday citing the
company.
Job cuts will also occur at the agrochemical group's UK plants in Jealott's
Hill and Manchester where activities will be outsourced, spokesman Guy Wolff
confirmed in the article.
Wolff further said that while the exact number of lay-offs is not yet
certain, some employees will be able to work at other Syngenta plants.
Separately, Neue Zuercher Zeitung wrote in an unsourced report that the job
cuts are aimed at achieving cost savings of 40 mln usd as part of the group's
so-called austerity program.
[e-mail]
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[waldron] 11/9/2006 08:46

Redesigning crops to harvest fuel
By Andrew Pollack The New York Times
FRIDAY, SEPTEMBER 8, 2006
More miles to the bushel.

That is the new mission of crop scientists. As gasoline prices soar and concern mounts about global warming caused by fossil fuels, seed and biotechnology companies see a big opportunity in developing corn and other crops tailored for use in ethanol and other biofuels.

Syngenta, for instance, hopes in 2008 to begin selling a genetically engineered corn designed to help convert itself into ethanol. Each kernel of this self-processing corn contains an enzyme that must otherwise be added separately at the ethanol factory.

Last week, DuPont and Bunge said that their existing joint venture to improve soybeans for food would also start designing beans for biodiesel fuels and other industrial uses.

And Ceres, a plant genetics company in California, is at work on turning switch grass, plentiful in the midwestern United States, into an energy crop.

"You could turn Oklahoma into an OPEC member by converting all its farmland to switch grass," said Richard Hamilton, the Ceres chief executive.

Developing energy crops could mean new applications of genetic engineering, which for years has been aimed at making plants resistant to insects and herbicides, but would now include altering their fundamental structure. One goal is to reduce the amount of lignin, a substance that gives plants the stiffness to stand upright but interferes with turning a plant's cellulose into ethanol.

Such prospects are starting to alarm some environmentalists, who worry that altered plants will cross-pollinate in the wild, resulting in forests that practically droop for want of lignin. And some oppose the notion of altering corn to feed the U.S. addiction to automobiles.

"I don't think people want extra enzymes in the food supply put there to better fit the crops for energy production," said Margaret Mellon, director of the food and environment program at the Union of Concerned Scientists.

But proponents of designer fuel crops argue that the risks are small compared with the threat of dependence on foreign oil. Some studies also suggest that ethanol use could help fight global warming because the crops that help produce ethanol absorb carbon dioxide.

So far, much of the attention on bioenergy has focused on improving the chemical processes for turning crops into ethanol. But experts say that if biofuels are to make a significant dent in U.S. petroleum consumption, the crops themselves must be improved to provide more energy.

And new agricultural sources beyond corn must be developed, they say. Even if the entire U.S. corn crop were converted to ethanol production, it would replace only about 15 percent of petroleum use, according to an Energy Department report.

"Half the improvement we make over the next 10 to 15 years will come from improving the feedstocks," said Gerald Tuskan, a biofuel expert in the department, referring to the crops fed into the ethanol factories.

Some of the work will not necessarily involve genetic engineering. Notably, Monsanto, the leader by far in crop biotechnology, says that its biofuel development will focus on conventional breeding, which it says is quicker.

Monsanto has tested its existing corn varieties to determine which ones are better for ethanol production. Pioneer Hi-Bred International, the DuPont subsidiary that is Monsanto's rival in the corn-seed business, is doing the same.

The companies say that the designated varieties, which have higher fermentable starch content, can increase ethanol output 2 percent to 5 percent over other corn. And some factories are starting to request certain types of corn or to pay a premium for more desirable corn, said Pradip Das, head of crop analytics at Monsanto.

Many of the traits needed for energy corn - high yield as well as tolerance to disease, insects and drought - would also be desirable in corn used for human and animal food. That is not the case, though, with Syngenta's enzyme corn, which would be specifically for energy production.

Generally, the enzyme, known as amylase, is made in vats of bacteria. Ethanol manufacturers add the enzyme to corn to break down starch into sugar, which can be fermented into ethanol.

[waldron] 28/8/2006 11:25

The new piracy: how West 'steals' Africa's plants

Swiss and British firms are accused of using the scientific properties of plants from the developing world to make huge profits while giving nothing to the people there. Antony Barnett reports

Sunday August 27, 2006
The Observer


The Busy Lizzie is one of the most popular plants among British gardeners, providing instant colour to even the most challenging flower beds. Yet this humble plant now finds itself caught up in an international row over patents, human rights and the exploitation of poor communities in the developing world.
The launch of a new strain of 'trailing' Busy Lizzie by the multinational biotech giant Syngenta is, say campaigners, a classic example of what they have dubbed 'biopiracy'. This term is being increasingly used by environmental groups to describe a new form of 'colonial pillaging' where Western corporations reap large profits by taking out patents on indigenous materials from developing countries and turning them into products such as medicines and cosmetics which can be extremely valuable in western markets. In very few cases are any of the financial benefits shared with the country of origin.

An analysis by The Observer of patents issued by the British authorities reveal they have granted several companies patents for at least seven products that orginated from naturally occurring African plants or organisms.

The dispute over the Busy Lizzie revolves around the drive to create the perfect hanging basket display, a demand which feeds a lucrative market for the horticultural industry. Despite its massive popularity the Busy Lizzie - or Impatiens walleriana - has always had one downside: it is too upright.

For years botanists had been hunting for a way to make Busy Lizzies trail downwards. Researchers believed that if they could find this magic extra, the plant would be ideal for hanging baskets and a botanical gold mine would be theirs for the taking.

With great fanfare in April last year Syngenta launched the Spellbound Busy Lizzie. The company claimed that 'after many years of research' it had produced a Busy Lizzie that 'can achieve, at maturity, trails of 70cm [about 28 ins with] masses of large flowers throughout the summer until the first frost'.

The Spellbound went on sale at garden centres across North America and Europe for £2 a plant and Syngenta promoted it through retailers such as B&Q and Wyevale Garden Centres with its own mascot: Lizzie the Spellbound Fairy. It was a great commercial success and more varieties have been launched.

But behind the marketing glitz and talk of magical creatures, an analysis of the British patent taken out by Syngenta for its new floral 'invention' reveals that Spellbound's magical secret comes from a rare African plant, the Impatiens usambarensis. This grows in the unique ecological habitat of the Usambara mountain range in Tanzania, just south of Mount Kilimanjaro. In its patent Syngenta describes this plant as having 'no commercial significance'.

Syngenta's botanists discovered that by crossing the two plants, the Busy Lizzie displayed the much sought after 'trailing growth habits'. Despite admitting that such hybrids happened naturally in Tanzania, Syngenta claimed the new plant was its 'invention' and the British authorities granted the company a patent on 6 February 2004.

The patent reveals that Syngenta obtained the seeds of the African plant from the Royal Botanical Gardens in Edinburgh that had cultivated them 'from a wild collection from Tanzania'. A botanical gardens spokeswoman said it had received the seeds in 1982 from the Royal Botanical Gardens at Kew. They had been deposited there in 1976 by Christopher Grey-Wilson, a former president of the Alpine Garden Society.

'This appears to be a classic case of biopiracy,' says Alex Wijeratna, a campaigner from ActionAid. 'This is the silent plunder of natural resources from developing countries. Here we have a large multinational taking out a patent on a plant that grows naturally in a part of Africa and claiming it is their invention . Now the company is making a fortune selling it to the mass market, but the Tanzania communities that live in these regions will not receive one penny.'

In 1994 more than 100 countries, including Britain, signed the International Convention on Biological Diversity that promised to recognise the property rights of developing countries. It did not prohibit the collection of indigenous material but recommended that agreements should be reached to share any commercial benefit that later emerges.

A Syngenta spokesman admitted it had paid nothing for the seeds. He said: 'We got them in 1990 before the international convention came into force. In any case our paperwork shows that when we received the seeds nobody knew exactly which country they came from.'

He rejects the claim of biopiracy. 'Many plants that grow today in a British garden originate from another part of the world and I would not describe that as a type of piracy.'

The US-based Edmonds Institute recently published a report listing more than 30 example of western medical, horticultural and cosmetic products it alleged had been 'pirated' from Africa. An analysis of these patents by The Observer reveals that the Syngenta patent is one of seven granted by the UK authorities that now face accusations of biopiracy.

These include:

· A diabetes drug being developed by a British firm that comes from the Libyan plant Artemisia judaica

· An immuno-suppressant drug being developed by GlaxoSmithKline that comes from a compound found in a termite hill in Gambia.

· A treatment for HIV taken from mycobacteria discovered in mud samples from the Lango district of central Uganda.

· Infection-fighting drugs made from amoebas in Mauritius and Venezuela.

· An anti-diarrhoea vaccine developed from Egyptian microbes.

· A slug barrier made from a Somalian species of myrrh.

Although the development of such drugs is widely welcomed and the companies involved deny the accusations of biopiracy, there is a growing debate about whether profits should be shared between western companies and developing countries.

Beth Burrows, president of the Edmonds Institute, a non-profit body specialising in education about intellectual property rights, said: 'Times have changed. It is no longer acceptable for the great white explorer to trawl across Africa or South America taking what they want for their own commercial benefit. It is no more than a new form of colonial pillaging. As there are internationally recognised rights for oil, so there should be for indigenous plants and knowledge.'

The Brazilian ambassador in London, Jose Mauricio Bustani, described biopiracy as 'a silent disease'. He said: 'It is hardly detectable, it frequently does not leave traces and is an elusive activity perpetrated and often abetted by many well-known multinational companies.

'Unfortunately, it does not attract the same media coverage or public outcry as other environmental problems, such as deforestation and pollutant emissions. But this silent pillage is robbing developing countries in Africa, Latin America and Asia of the means to finance important sustainable development projects, and is a powerful disincentive for their biodiversity conservation efforts.'

Five years ago The Observer became the first newspaper to reveal how the British drug firm Phytopharm had patented an active ingredient in a plant called hoodia. This is a cactus-like African plant that is used by the San bushmen in South Africa to ward off hunger before hunting trips. Phytopharm has linked with Unilever to market this product, now being developed, as a diet drug. Unilever has agreed to pay up to £21m to Phytopharm, which originally claimed the tribe was extinct.

The Observer article prompted an international outcry and lawyers representing the surviving African bushmen managed to forge a benefit-sharing agreement that will see the tribe collect a small share of any profits.

Yet Phytopharm's chief executive, Richard Dixey, strongly rejects the claims of biopiracy and accuses campaigners of scoring an own goal. He said: 'Biopiracy is such an emotive term for a highly complex issue. The fact is that many of these plants grow in more than one place and have been used by many people throughout history. It is almost impossible to discover who 'owns' them.

'In any case it takes a huge effort and a lot of money from recognising a particular property in a plant and developing it into a drug. It can cost between $200m and $500m [£100m-£250m]. If companies could not get the protection of a patent then they simply would not bother. Then what would happen is that the traditional knowledge of these communities would die out with the people or be lost as they become westernised.'

It is not just in the world of medicine and horticulture but also in fashion that the debate over biopiracy rages. In 2004, The Observer revealed how British scientists from Leicester University worked with US firm Genencor to patent a microbe that lives in the caustic lakes of Kenya's Rift Valley.

It was discovered that when jeans are washed with this, the microbe produces an enzyme that 'eats' the indigo dye, giving them a naturally faded look. The company, which denies any wrongdoing, has since made more than $1m in sales to detergent makers and textile firms.

[waldron] 18/8/2006 13:43

Publication of Prospectus

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Syngenta Luxembourg Finance No.2 SA
18 August 2006



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[waldron] 13/8/2006 10:34

Honda Motor Co Japan govt mulls ways of promoting ethanol-mixed gasoline - report
TOKYO (XFN-ASIA) - The government plans to implement a set of measures to
promote the use of ethanol in automotive fuel and diversify the nation's energy
sources to ease the impact of record high crude oil prices, the Nihon Keizai
Shimbun reported in its online edition.
It said it will urge Japanese automakers to develop cars that can handle
both gasoline and a mixed fuel that is 10 pct ethanol. The Ministry of Economy,
Trade and Industry is considering relaxing regulations that currently limit the
ethanol content of fuel to 3 pct and raising the approved level to 10 pct.
As fuel with a high ethanol content can erode the pipes in cars, the
government is to draft standards for anti-corrosion technology to ensure that
safety measures are adopted for vehicles powered by mixed fuel, the newspaper
reported.
The government aims to give Okinawa Prefecture favorable tax and other
special treatment to promote bioethanol produced there. Specifically, it will
reduce the tax on mixed fuel made in Okinawa and provide financial assistance to
help boost production of sugar cane -- a major source of ethanol -- in the
nation's southernmost prefecture.

/swp