AgroFresh and Syngenta Finalize Exclusive Agreement for Invinsa(TM) Crop Stress Protection
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AgroFresh Inc., a wholly-owned subsidiary of Rohm and Haas (NYSE:ROH)
and Syngenta AG (SWX:SYNN, NYSE:SYT) today announced the achievement of
a key milestone in the development and distribution of Invinsa™
technology, a unique product for crop stress protection in field crops.
The two companies signed a definitive agreement formalizing the letter
of intent signed earlier this year.
"We are very excited to enter into this
exclusive relationship with Syngenta to bring Invinsa to the market.
This agreement will increase the speed-to-market and the market
penetration of Invinsa worldwide,” said John
Buckley, President, AgroFresh.
"Agriculture is in need of technology like
Invinsa to help growers maximize yield and address the challenge of
meeting the world’s food, feed and fuel needs,”
said Valdemar Fischer, President, Syngenta Crop Protection, NAFTA.
Regulatory approval for the current formulation of Invinsa is expected
this year in the United States and has already been approved in both
Argentina and Chile. Once approved the current formulation will be used
in research and commercial trials. The goal is to commercialize the
technology within two years.
Invinsa, a sprayable formulation of 1-methylcyclopropene (1-MCP), will
be the first-ever product introduced into field crop markets to
specifically protect crop yield during extended periods of high
temperature, mild-to-moderate drought and other crop stresses. The
increasing occurrence of drought stress in many regions of the world,
coupled with the importance of maximizing crop yields to meet the
growing demand for food, animal feed and fuel, creates a significant
potential market for Invinsa, provisionally estimated to be in excess of
$500 million.
AgroFresh and Syngenta will focus on major field crops including corn,
soybean, cotton, wheat, sunflower, rice and canola. Invinsa has the
potential to create an entirely new market segment, generating
significant value for customers and shareholders.
For more information about Invinsa visit www.rohmhaas.com
or click Invinsa (http://go.rohmhaas.com/invinsa).
About AgroFresh
Since 1999, AgroFresh Inc. has been a global leader in maintaining the
freshness of fruits, vegetables and flowers with a portfolio of products
and services based on their proprietary 1-MCP technology. The SmartFresh
Quality System and EthylBloc technology help the produce and floral
industries to maintain and deliver fresh fruits, vegetables and flowers
with just-harvested freshness and quality. AgroFresh collaborates with
experts at leading universities and institutions around the globe to
provide its industry partners with the best ethylene management systems
available worldwide. Visit www.agrofresh.com
for more information.
About Rohm and Haas Company
Leading the way since 1909, Rohm and Haas is a global pioneer in the
creation and development of innovative technologies and solutions for
the specialty materials industry. The company’s
technologies are found in a wide range of markets including: Building
and Construction, Electronics, Food and Retail, Household and Personal
Care, Industrial Process, Packaging, Paper, Transportation and Water.
Our innovative technologies and solutions help to improve life everyday,
around the world. Based in Philadelphia, PA, the company generated
annual sales of approximately $8.9 billion in 2007. Visit www.rohmhaas.com
for more information.
About Syngenta
Syngenta is a world-leading agribusiness committed to sustainable
agriculture through innovative research and technology. The company is a
leader in crop protection, and ranks third in the high-value commercial
seeds market. Sales in 2007 were approximately $9.2 billion. Syngenta
employs over 21,000 people in more than 90 countries. Syngenta is listed
on the Swiss stock exchange (SYNN) and in New York (SYT). Further
information is available at www.syngenta.com.
Forward Looking Statement - Rohm and Haas
This release includes forward-looking statements. Actual results could
vary materially, due to changes in current expectations. The
forward-looking statements contained in this announcement concerning
demand for products and services, regulatory approvals,
commercialization of products, sales and marketing forecasts involve
risks and uncertainties and are subject to change based on various
factors, including the ability to get regulatory approvals, changes in
foreign currencies, changes in interest rates, the timely development
and acceptance of new products and services, the impact of competitive
products and pricing, the impact of new accounting standards, and the
impact of tax and other legislation and regulation in the jurisdictions
in which the company operates. Further information about these risks can
be found in Rohm and Haas Company's SEC 10-K filing of February 21, 2008.
Cautionary Statement Regarding Forward-Looking Statements -
Syngenta
This document contains forward-looking statements, which can be
identified by terminology such as ‘expect’,
‘would’, ‘will’,
‘potential’, ‘plans’,
‘prospects’, ‘estimated’,
‘aiming’, ‘on
track’ and similar expressions. Such
statements may be subject to risks and uncertainties that could cause
the actual results to differ materially from these statements. We refer
you to Syngenta's publicly available filings with the U.S. Securities
and Exchange Commission for information about these and other risks and
uncertainties. Syngenta assumes no obligation to update forward-looking
statements to reflect actual results, changed assumptions or other
factors. This document does not constitute, or form part of, any offer
or invitation to sell or issue, or any solicitation of any offer, to
purchase or subscribe for any ordinary shares in Syngenta AG, or
Syngenta ADSs, nor shall it form the basis of, or be relied on in
connection with, any contract therefor.
