Syngenta AG, a Chinese-owned global seed and agrochemical provider based in Basel, Switzerland is closing their Greens Bayou facility in Houston, Texas which will result in the layoffs of 135 employees and 160 contractors. The company is planning to phase-in the layoffs and plans a complete closure in early 2020 after the facility’s current inventory is depleted.
A company spokesperson noted, “The closure decision is based on significant changes in the business including a decrease in future sales volume due to a March 2019 European Union regulatory decision. Costly modernization improvements needed at the Greens Bayou site for continued operation."
There is mounting concern over China acquiring companies in the agribusiness sector and the company could experience tariff problems in the future.
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