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CHEMCHINA, SINOCHEM CONSOLIDATE TO FORM SYNGENTA GROUP
AgPro reports:

The new entity known as Syngenta Group was announced on January 5.

Syngenta Group, formerly China Chemical (Shanghai) Agricultural Technology Corporation, is a wholly owned subsidiary of ChemChina that includes 100% shares of Syngenta, 74.02% shares of ADAMA Ltd., and will include major ag assets from Sinochem Group. ChemChina says this will further strengthen cooperation between it and Sinochem.

Ning Gaoning is the chairman of the board of directors of Syngenta Group. In addition, Syngenta Group will appoint Erik Fyrward as the group's CEO and Chen Lichenstein (previously with ADAMA) will be nominated as Syngenta Group's CFO, according to a recent press release from ChemChina. Syngenta's Mark Patrick, CFO and member of the Syngenta Executive Team since 2016, will leave the company at the end of January 2020.

ADAMA will continue to be headquartered in Israel and be traded on the Shenzhen Stock Exchange. In addition, with this move into the newly formed group, ADAMA is not undergoing a change in controlling shareholder and it will maintain its unique brand and positioning.

"ADAMA has never been stronger," Lichtenstein said in a recent press release. "Our fantastic people have built together a wonderful company with clear strategy and direction, able to continuously grow and navigate confidently through the rough seas that our industry has seen in the last few years. I now move on to an interesting, yet challenging, role at Syngenta Group and I look forward to bringing my ability and experience to bear."

The Shanghai Administration for Market Regulation approved the business license for Syngenta Group Co., Ltd. on Jan. 14, 2020. This means the company's subsidiary is officially renamed.


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