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05.11.02
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Syngenta
A Corporate Profile By Corporate Watch UK 1. The Company Name Industry Areas Market share/importance In the late 1990s Novartis and AstraZeneca were
keen to establish themselves as lifesciences companies
and exploit the potential synergies between their pharmaceutical,
chemical and agricultural sectors. Both invested heavily in acquiring
seed and biotechnology companies. However, the strain of having to
manage several very different sectors more than out weighed the savings
made during basic research synergies.[6] The Syngenta
spin-off was a result of the poor performance of both Novartis
and AstraZenecas agribusiness divisions during 1999, largely
caused by the global backlash against GM crops. The creation of Syngenta
has enabled parent companies Novartis and AstraZeneca to make considerable
savings, and to rid themselves of their controversial agricultural
biotechnology ventures. Syngenta has so far managed to avoid the public
vilification Monsanto attracted, and has been quietly getting on with
developing some of the most controversial applications of agricultural
biotechnology including genetic use restriction technologies (GURTs)/traitor
technology. End of year results for 2001 show that all is not going
well for Syngenta: sales are down by 4% and European opposition to
GM crops is said to be costing the company tens of millions of dollars.[7] |
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| Footnotes [1] Barbara Dinham, 2001, Corporate Change, Pesticides Action Network UK available online at <http://www.pan-uk.org/pestnews/pn53/pn53p12.htm> (viewed 26,03,02) [2] Globalization Inc. Concentration in Corporate Power: The Unmentioned Agenda, ETC Communiqué 2001, available on-line at <http://www.rafi.org/documents/com_globilization.pdf> (viewed 26,03,2002) [3] Globalization Inc. Concentration in Corporate Power: The Unmentioned Agenda, ETC Communiqué 2001, available on-line at <http://www.rafi.org/documents/com_globilization.pdf> (viewed 26,03,2002) [4] figures from Syngenta available online at <http://www.syngenta.com/en/syngenta/facts.asp> (viewed 26,03,2002) [5] Syngenta Full Year Results 2001 published 28,02,2002 available online at <http://www.syngenta.com/en/downloads/FYR2001.pdf> (viewed 26,03,2002) [6] Syngenta CEO Michael Pragnell quoted in Green and Dying in The Economist 16.11.00. available on line at <http://www.biotech-info.net/green_and_dying.html> (viewed 26,03,2002) [7] Syngenta earnings flat, David Firn, Financial Times; 01,03,2002 available on line at <http://globalarchive.ft.com/globalarchive/article.html?id=020301001747> (viewed 26,03,2002) |