Syngenta has signed an agreement to acquire breeder and seed producer Goldsmith Seeds, Inc. for $74 million on a cash and debt-free basis.
“This acquisition is a perfect strategic fit with Syngenta Flowers and it significantly increases our proprietary flower seed portfolio,” says Robert Berendes, head of business development at Syngenta. “The Goldsmith family has built up a world-class breeding company with an outstanding reputation that is known for its consistent quality. This acquisition further strengthens our leadership position in the global flowers industry.”
Syngenta will maintain the Goldsmith brand in the market under the Syngenta Flowers umbrella.
“We are very excited about joining Syngenta. The agreement will secure a robust future for Goldsmith products and employees, as well as growth opportunities in a changing, consolidating environment,” says Joel Goldsmith, president of Goldsmith Seeds. “As you can imagine, this wasn’t an easy decision for our family to make, but we think it will be the best way to keep what we have worked so hard for.” Joel will continue to run the company under Syngenta.
Goldsmith, headquartered in Gilroy, Calif., employs approximately 1,500 people. Reported sales in 2007/2008 were $50 million. The transaction is expected to close in the fourth quarter of 2008, pending regulatory approvals.