Switzerland-based Syngenta has signed an agreement with Sweden-based food and agriculture group Lantminnen to acquire its German and Polish winter wheat and winter oilseed rape (WOSR) breeding and business operations.
Syngenta noted that it will gain access to high-quality germplasm, a seeds pipeline and commercial varieties, which complement the firm's portfolio in two of Europe's most important crops.
The company will strengthen its breeding program in WOSR through the deal, which will enable to develop highly competitive hybrids with yield stability and winter hardiness as well as broader disease resistance.
Both the firms will also enter into an R&D collaboration in wheat, and Lantmnnnen will distribute Syngenta cereals and WOSR seeds in Sweden, as part of the deal.
Syngenta COO John Atkins said the acquisition reinforces firm's position in the important cereals and WOSR markets of Germany and Poland.
"We will also incorporate their high-quality genetics into our international breeding programs to develop seeds that offer significant productivity benefits to growers," Atkins added.
The transaction, which is subject to approval by the German competition authority, is expected to be completed in July 2014.