Syngenta is planning to divest its vegetable seed business. The company sent out a press release on Thursday announcing the move. This announcement comes on the heels of Syngenta announcing plans to divest its flower seed business.
The company also announced its intention to return capital to shareholders through a share repurchase program. The initial program of more than $2 billion will commence in the coming weeks. This will be in addition to the progressive dividend policy which the company has followed for several years.
"The Board and management are determined to accelerate shareholder value creation and our actions today underpin our commitment to do so. Our commitment is also shown by the significant capital return program that we announced today,” says Michel Demaré, chairman.
Mike Mack, chief executive officer, had this to say, “By demonstrating and unlocking the inherent worth of our leading global seeds portfolio we can create significant additional value. I look forward to updating shareholders in the coming months on progress, including providing further visibility on the underlying profitability of our portfolio of assets.
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