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Syngenta AG (SYNN), the world’s largest agrochemical company, raised its 2020 target for sales by $3 billion as it accelerates the introduction of new technology and benefits from a reorganization.
Revenue is forecast to reach $25 billion by the end of the decade, up from a prior goal of $22 billion, Basel, Switzerland- based Syngenta said in a statement today.
Chief Executive Officer Mike Mack has reorganized Syngenta along eight main types of crops, supplying products ranging from the seeds to the herbicides and other agrochemicals needed. Last week, it announced the 403 million-euro ($522 million) purchase of Devgen to extend a move into seeds based on biotechnology. Syngenta expects its rice and vegetables segment to report $5 billion in sales by 2020.
“Since we announced our new strategy in February 2011 we have focused on the rapid integration of our commercial teams and on broad-based innovation,” said Mack, who will present his vision for the company at a meeting for investors in Pune, India, this week.
Syngenta climbed 0.9 percent to 347.10 Swiss francs in Zurich trading as of 10:11 a.m.
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