May 29, 2012
Syngenta pays US$105 million for herbicide trial
Syngenta AG will be paying a fine of US$105 million to settle lawsuit involving US water utilities over the herbicide atrazine.
Syngenta filed the agreement with a district court in Illinois, the Basel, Switzerland-based company said in a statement. The charge is partly covered by provisions, and the effect on 2012 earnings will be about US$0.50 a share.
"Under the terms of the agreement, Syngentaexpressly denied liability and the plaintiffs acknowledged that they are not aware of any new scientific studies relating to atrazine," the company said.
Syngenta said it will continue to sell atrazine in the US for corn growers to control weeds. The chemical was banned in the EU in 2003 after the weedkiller was linked in studies to birth defects in frogs.