Cost-cutting program to reduce mountain of debt Syngenta cuts 150 jobs in Basel

The agrochemical company Syngenta must now take action. As part of a cost-cutting program, 150 employees have to leave their jobs.

The Basel-based agrochemical group Syngenta is cutting 150 jobs. As part of a savings program called "Getting Healthy", savings are now to be made, as the "Tagesanzeiger" writes. This year, up to 150 of the 1,100 jobs at the headquarters in Basel are to be cut, which will affect all areas and hierarchical levels, as Syngenta manager Alexandra Brand confirms.

A consultation process is underway: the company is also planning to cut jobs and increase productivity globally, although no exact figures have been given. According to Brand, the outlook and plans for 2025 are not yet possible.

However, everything is to remain the same. The company's headquarters will remain in Basel, and Syngenta intends to continue investing in its Swiss sites in the future.

High debts are a major problem

Syngenta is struggling with two main problems: Sales of weedkillers and seeds are faltering due to low commodity prices and unfavorable weather conditions, causing farmers to invest less in pesticides. The Group also has a high level of debt, which can be traced back to the takeover by Chemchina in 2017.

A partial IPO in Shanghai was planned to generate around 10 billion dollars and reduce some of the debt. However, due to the weak economic situation in China, the IPO was postponed and ultimately postponed indefinitely.

As the debt level remains unchanged, Syngenta is now exploring other options to raise capital, such as a private placement. At the end of 2023, Syngenta AG, which comprises the Swiss part of the business, had reported liabilities of 25 billion dollars.