This excerpt taken from the SYT 20-F filed Mar 16, 2005.
Syngenta Faces Increasing Competition in Its Industry, Especially During Downturns in Commodity Crop Prices
Syngenta currently faces significant competition in the markets in which it operates. In most segments of the market, the number of products available to the grower is steadily increasing as new products are introduced, although this trend has recently been slowed as some products are withdrawn because they are not re-registered or are subject to voluntary programmes to reduce the range of products offered. At the same time, an increasing number of products are coming off patent and are thus available to generic manufacturers for production. As a result, Syngenta anticipates that it will continue to face significant competitive challenges.
Movements in commodity crop prices can affect Syngentas results. This can result not only in reduced sales, but also in competitive price pressure in certain of our markets, particularly when commodity crop prices are depressed, as has been the case in recent years. These fluctuations may negatively impact Syngentas business or results of operations in the future.