The Swiss seed dealer and producer of pesticides Syngenta is still on a track to stock exchange in mid-2022. That’s what top man Erik Firwald said on Thursday during the presentation of the six-month figures.
It appeared earlier that the owner China National Chemical, also known as ChemChina, wants to reduce its debt with the proceeds of the IPO. The stock market, possibly one of the largest in the sector ever, is likely to take place somewhere in Europe. Where exactly is not yet known. ChemChina bought Syngenta in 2017 for more than 39 billion euros. That was the largest foreign purchase by a Chinese company, but ChemChina had to pay dearly for it.
Syngenta had a turnover of $ 12 billion in the first half of the year. That is 5% more than a year earlier, despite severe headwinds due to negative exchange rate effects. The operating result (ebitda) also went up, with 7 percent to 2.2 billion dollars. Despite the coronacrisis, Syngenta is counting on growth for the whole of 2020, but points to the challenging conditions in the sector. For example, cereal prices are low and the corona pandemia causes heavy losses especially in emerging markets.
Syngenta has more than 28,000 employees in more than 90 countries.