Syngenta to merge seed and crop protection business

Agribusiness giant Syngenta, which has been winning market share from its rivals in recent years, is betting it can accelerate its gains by merging its seeds and crop protection businesses.

The Swiss company announced its reorganization plan Wednesday in conjunction with reporting full year 2010 results that exceeded analysts' expectations.

The reorganization is being phased in through the end of 2012.

Syngenta expects to eventually realize $650 million in annual savings by combining the seeds and crop protection businesses, including $500 million from more efficient procurement.

Syngenta reported 2010 sales of $11.64 billion, up 6 percent.