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Argentina's Bioceres expands global seed tie-up with Syngenta

·1 min read
Logo is seen at the headquarters of agricultural chemical maker Syngenta in Basel

BUENOS AIRES (Reuters) - Argentine seed technology firm Bioceres said on Friday it had agreed to expand its collaboration with Swiss seeds and pesticides maker Syngenta to develop and market its biological seed treatment solutions globally.

The deal between the two firms, which already partner in Argentina, would see Syngenta become the exclusive commercial distributor of these products globally and work on research and development of new products with Bioceres.

Bioceres develops biological products that help improve crop nutrition and cut down the need for nitrogen fertilizers. It also has a range of drought-resistant crops, though they will not be part of the deal.

Syngenta, which is planning a $10 billion initial public offering, was bought in 2017 for $43 billion by ChemChina, which was folded into Sinochem Holdings Corp last year.

Bioceres said the two firms would expand their cooperation in markets such as Brazil and China, as well as other regions around the world.

"Biological products play an important role in offering growers new solutions to increase crop yields while reducing agriculture's environmental footprint," Bioceres Chief Executive Officer Federico Trucco said in a statement.

(Reporting by Maximilian Heath; Writing by Adam Jourdan; Editing by Leslie Adler)