By now, just about everyone in the golf turf business likely has read, or at least heard about the recent $43 billion bid by ChemChina to buy Syngenta. And many likely have one common question: How will things change for the golf business?
The answer to that question, Syngenta says, is not much if at all.
According to a news release from the Swiss-based agri-chemical giant, the pending transaction is more about growth than change.
"Syngenta will remain globally headquartered in Switzerland and is committed to ensure it will be business as usual for customers, farmers, business partners, employees and the communities it serves in the U.S. and globally," according to the release.
"It will still be business as usual for our employees and customers who will have access to the same high quality portfolio of seeds, traits and crop protection products from Syngenta."
Key facts gleaned from the release include:
> the transaction ensures continued choice for growers at a time when considerable consolidation is taking place in the agricultural industry;
> Syngenta will continue to be a strong competitor in the marketplace;
> Syngenta management will continue to lead all aspects of the business, including delivering high quality products to American farmers;
> this transaction ensures ongoing R&D investment across technology platforms and across crops;
> it will still be business as usual for Syngenta employees and customers who will have access to the same high quality portfolio of seeds, traits and crop protection products from Syngenta.
Syngenta management will continue to run the company. After closing, a 10-member board of directors will be chaired by Ren Jianxin, chairman of ChemChina, and will include four of the existing Syngenta board members.
The transaction, Syngenta says, "minimizes operational disruption, is focused on growth globally, specifically in China and other emerging markets, and enables long-term investment in innovation. Syngenta will remain Syngenta and will continue to be headquartered in Switzerland."
Talks of a Syngenta merger have swirled for the past couple of years, with other suitors including Monsanto. However, multiple attempts by St. Louis-based Monsanto were unsuccessful in 2015.
The pending deal with state-owned ChemChina comes on the heels of an agreement in December of a merger between Dow Chemical and DuPont, which was worth $130 billion.