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ChemChina target Syngenta sees first quarter sales drop 1 percent

Reuters
The logo of Swiss agrochemicals maker Syngenta is seen at its headquarters in Basel, Switzerland July 22, 2016. REUTERS/Arnd Wiegmann/File Photo (Reuters)

FRANKFURT (Reuters) - Syngenta , the Swiss pesticides and seeds group that is being acquired by ChemChina , said first quarter sales slipped 1 percent to $3.74 billion (£2.92 billion) as growth in Asian corn seed markets were offset by lower demand for fungicides and herbicides in Latin America. "While conditions for growers at the start of 2017 remain difficult, our business is steady and currencies are no longer a drag on our performance," said Chief Executive Officer Erik Fyrwald. The group reiterated its 2017 target for low single digit growth in sales, an improvement in the EBITDA margin and strong free cash flow generation. (Reporting by Ludwig Burger, editing by John Revill)