January 23, 2009
Syngenta optimistic on EU GM corn vote in February
Syngenta AG (SYT) is optimistic a European Union body will approve its genetically modified corn BT-11 at a vote in February, company spokesman Medard Schoenmaeckers said Wednesday (January 21).
The European Commission earlier Wednesday recommended EU farmers allowed to cultivate two new varieties of genetically modified crops, only the second time it has done this in the past decade.
The recommendation applies to two strains of GM corn: Syngenta's BT-11 and 1507, created by a joint venture between Pioneer Hi-Bred International, a subsidiary of DuPont Co. (DD) and Mycogen Seeds, a unit of Dow Chemical Co. (DOW).
Experts from the 27 EU national governments will vote at a meeting February 25.
"We're optimistic about the vote," Schoenmaeckers said. "However, given the history of GM crop cultivation approval files, we also have a scenario under which no consensus will be found," he added.
Syngenta could sell the corn to European farmers from spring 2010, if approved, Schoenmaeckers said, but didn't want to reveal a potential financial impact on the company's sales.
In 2007, GM sales contributed 5 percent to 6 percent to Syngenta's overall revenue.
The EU is divided on the issue of genetically modified crops, making it unlikely there will be definitive support or rejection of the commission's recommendation. The commission makes the final decision in these circumstances.
