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SYNGENTA SELLS ITS FAFARD UNIT TO SUN GRO HORTICULTURE
Jun. 11, 2012
Source: Syngenta news release
Syngenta announced today that Sun Gro Horticulture Ltd., the leading North American producer of growing media, has signed an agreement to acquire the Fafard peat unit of the Lawn and Garden business. Under the terms of the agreement, Sun Gro will acquire all Fafard's U.S. and Canadian assets, including employees and production plants.
Robert Berendes, Head of Business Development, said: "Our strategy is to deliver innovative solutions that make flowers easy and rewarding to grow for professional horticulturalists and for end consumers. We will collaborate with Sun Gro both commercially and in R&D to include growing media in our integrated offers. Expansion of these offers will be driven by our leading portfolio of genetics and chemical controls."
Fafard had sales of $88 million in 2011.
Financial terms of the transaction were not disclosed. The transaction closed simultaneously with signing of the agreement.
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