Syngenta and MayAgro Seed announced an agreement regarding the sale to Syngenta of MayAgro's greenhouse vegetable breeding programs covering cucumber, pepper and tomato.
Under the terms of the agreement Syngenta will acquire MayAgro's breeding programs including all native traits developed to improve virus and disease resistance as well as yield under cold conditions.
Yusuf Yormazoglu, vice president at MayAgro Seed said, "This sale is a result of our announcement in May 2012 when we decided to focus more of our future R&D investments on crops like sunflower, cotton, and maize. We are very proud to have validated our breeding and development efforts in vegetables with this sale to Syngenta. We look forward to seeing Syngenta realize the full potential of these programs in the future."
Alexander Tokarz, head of vegetables at Syngenta said, "This acquisition will allow us to accelerate growth in strategic high margin vegetable segments. The programs are targeting the fast developing markets of Turkey, the Middle East and CIS and will broaden our pipeline of new varieties with further benefits for growers."
Terms of the sale were not disclosed.
MayAgro Seed Corporation breeds, produces, markets and sells a wide range of almost 20 species of agronomic and vegetable crops including sunflowers, cotton, maize, peas, beans, and more under the MAY seed brand name.