As announced today, Syngenta and attorneys for several community water systems have agreed to settle litigation related to the herbicide atrazine in order to end the business uncertainty and expense of protracted legal proceedings. The proposed settlement agreement which requires court approval was filed with the United States District Court for the Southern District of Illinois on May 24, 2012.
Under the terms of the agreement, Syngenta expressly denied liability and the plaintiffs acknowledged that they are not aware of any new scientific studies relating to atrazine.
The total cost of the settlement for Syngenta is $105 million, which will be charged to the income statement in 2012. The charge is partly covered by provisions and the impact on earnings will be approximately $0.5 per share.
Syngenta will continue to market atrazine as part of its comprehensive corn herbicide portfolio enabling US growers to achieve optimal weed control.
This document contains forward-looking statements, which can be identified by terminology such as ‘expect’, ‘would’, ‘will’, ‘potential’, ‘plans’, ‘prospects’, ‘estimated’, ‘aiming’, ‘on track’ and similar expressions. Such statements may be subject to risks and uncertainties that could cause the actual results to differ materially from these statements. We refer you to Syngenta's publicly available filings with the U.S. Securities and Exchange Commission for information about these and other risks and uncertainties. Syngenta assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors. This document does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer, to purchase or subscribe for any ordinary shares in Syngenta AG, or Syngenta ADSs, nor shall it form the basis of, or be relied on in connection with, any contract therefor.
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