The world's largest agrochemicals company Syngenta AG has signed and closed an agreement to acquire SPS Argentina SA (SPS), a company primarily specialized in the development, production and marketing of soybean, corn and sunflower.

SPS Argentina, established in 1972 has an excellent reputation in the agricultural sector. The company has around 50 employees and recorded sales of $15 million in the fiscal year to March 2008.

According to market experts, the transaction will give Syngenta a significantly increased presence in the important soybean market in Argentina, complementing its existing strong positions in corn and sunflower.

It is to be noted that Argentina is the world's third largest soybean producer with 21% share of global soybean production.

However the financial details of the deal were not disclosed by the company, which is subject to approval by the Argentine antitrust authorities.

The shares of Swiss agribusiness firm Syngenta AG closed Friday's trading at $35.63, up $1.08, on a volume of 435,983 shares.