July 19, 2019 / 9:10 AM / 3 months ago

Syngenta CFO says it faces no glyphosate lawsuits

ZURICH, July 19 (Reuters) - Chinese-owned agricultural chemical maker Syngenta has not been named in litigation involving weed-killer ingredient glyphosate that has hit German rival Bayer, the Swiss-based company’s chief financial officer, Mark Patrick, said on Friday.

“To date, Syngenta has not been named in any of the glyphosate suits,” Patrick said on a conference call after Syngenta announced first-half results in which sales fell 7% to $6.8 billion, while net income tumbled 34% to $798 million, in part due to bad weather and global trade disputes.

Syngenta sells products based on glyphosate in Latin America. While it sells some mixtures with glyphosate in the United States, Patrick said it sells no glyphosate by itself in the United States.

“The situation Bayer faces with the ongoing litigation is not, in our view, in the best interest of farmers around the world,” Patrick added. “This is one of the most tested compounds, if not the most-tested compound, on the planet... We hope that good sense prevails.”

Bayer AG has welcomed a U.S. judge’s conditional ruling calling for the reduction of a $2 billion damages award to a couple by a jury who found that its glyphosate-based product Roundup caused their cancer. (Reporting by John Miller; Editing by Jan Harvey)

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