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" Syngenta remains Syngenta." This phrase has become a household word since the first approach of the agrochemical group and the Chinese Chemchina in Basel. The promise was to ensure that the Swiss company retains its original character despite the sale of 43 billion dollars to China.
A site visit shows that the space visible in the old Syngenta building is gaping for months. Baden station as a transit point for commuters and travelers from Germany is across the street from the group headquarters.
If you leave the station, you can look safely into the Rosentalanlage today. Construction 2, a 1950s office tower with the widely visible Syngenta logo, was demolished in the fall of 2017.
Just a week before the acquisition of Syngenta by the Chinese public company, the # 39; last summer, it was announced that a planned replacement of 30 million francs would be canceled at the same place – the recovery has nothing to do with it.
Focus on Downsizing and Personnel Change
Syngenta has since been talked about job cuts and staff changes in key positions – changes that have not occurred. have nothing to do with the acquisition.
"Syngenta remains Syngenta." These words were uttered by the architects of the acquisition, the Belgian Michel Demaré and the Chinese Ren Jianxin, in innumerable microphones and cameras. A year later, the two are no longer in their offices.
Former President Demaré withdrew his hat a few months after the takeover. Apparently, he had quarreled with Syngenta's president, Ren Jianxin, because of the refinancing of the big market, reported the "Tages-Anzeiger". Jianxin retired a few days ago – at the age of 60.
Christoph Mäder was the last Swiss to join the management.
He was replaced by Syngenta Ning Gaoning, who is also at the head of Sinochem, the former competitor of Chemchina. The two Chinese state-owned enterprises have long been rumored to merge soon. To date, they have not confirmed this.
Syngenta Chief Financial Officer Mark Patrick was optimistic about the presentation of the half-year results yesterday, saying the change would not change much, based on his experience following a first meeting of the Board with the new chairman last week. The numbers went well. Consolidated revenue grew 5% in the first half to $ 7.25 billion. Net income was $ 1.23 billion, 32% higher than the same period last year. Nevertheless, not only because of the change at the top of the question, what remains of the promise.
The announcement of the departure of Christoph Mäder, who headed the legal department, drew attention in April. With 26 years of service at Syngenta, he was considered a very connected point of contact for politics and business. He sits on the board of directors of Economiesuisse and the board of directors of Lonza. Mäder, along with Demaré, was one of the guarantors that Chinese buyers would remember the arrangements when he came down to him.
Advances Chemchina
Chinese property has its starting nothing to do. Mäder was the last Swiss to be part of the senior management. Switzerland has also lost its staff in recent years, not only since the recovery. In 2013, according to company information, nearly 4,000 employees were working here in Germany. In 2015, just before the first advances of Chemchina, it was 3105, by the end of 2017, the number dropped to 2700.
Christoph Mäder confirmed the job cuts in the SRF regional review and said that it had nothing to do with the acquisition: These were actions we had to take because of the market situation and in the context of the constant review of our processes and structures. Chemchina has also not provided any employment guarantees for Switzerland. "What Chemchina has guaranteed is where its headquarters are in Switzerland," said Mäder.
Debt on the shoulders of employees
Christoph Brutschin (SP), economic manager of Basler, is not bothered. The basic composition of Syngenta in Switzerland has changed little, which is what was promised during the recovery.
Syngenta's 27,000 employees around the world now bear part of Chemchina's debt burden. According to a report quoted by the NZZ, the total debt of the Chinese company is about 88 billion dollars. Syngenta had to raise $ 4.75 billion in the capital market in the spring to co-finance its acquisition.
Syngenta's net debt stands at $ 7.4 billion today, up from $ 2.3 billion in 2016. Former executives Ren Jianxin and Michel Demaré announced there is a year that Syngenta is expected to double its sales by ten years. Unlike the confession "Syngenta remains Syngenta", it is a promise that can be measured by a number.
(Tages-Anzeiger)
created: 24.07.2018, 22:11
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