Philadelphia, PA, USA and Basel, Switzerland, January 17, 2008
AgroFresh Inc., a wholly-owned subsidiary of Rohm and Haas (NYSE: ROH) and Syngenta AG (SWX: SYNN, NYSE: SYT) today announced the signing of a letter of intent to enter into an exclusive global strategic alliance to develop and commercialize Invinsa(tm) technology, a unique product for crop stress protection in field crops.
Invinsa technology, a sprayable formulation of 1-methylcyclopropene (1-MCP), will be the first-ever product introduced into field crop markets to specifically protect crop yield during extended periods of high temperature, mild-to-moderate drought and other crop stresses. The increasing occurrence of drought stress in many regions of the world, coupled with the importance of maximizing crop yields to meet the growing demand for food, animal feed and fuel, creates a significant potential market for Invinsa technology, provisionally estimated to be in excess of $500 million.
"We're pleased that Syngenta, a world leading agribusiness company, understands the exciting potential of Invinsa technology and will be our partners in this alliance. It allows us to combine resources and capabilities with Syngenta to achieve the full potential of the technology," said Pierre Brondeau, Executive Vice President and Business Group Executive, Rohm and Haas Company.
"Invinsa technology complements our market leading range of crop protection products and our growing seeds businesses", said John Atkin, Chief Operating Officer Syngenta Crop Protection. "Through this strategic alliance with AgroFresh, we will use our expertise in product development and our global market strength to help growers better manage drought conditions with this cutting-edge technology," said Atkin.
Both companies will contribute research and development resources, while Syngenta will market Invinsa crop stress protection worldwide. The strategic alliance will focus on major field crops including corn, soybean, cotton, wheat, sunflower, rice and canola. Invinsa technology has the potential to create an entirely new market segment, generating significant value for customers and shareholders. The strategic alliance will increase the speed-to-market and the market penetration of Invinsa crop stress protection. The aim is to commercialize the technology within two years.