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Novartis was formed in 1996 through the merger of Ciba Geigy and Sandoz. Cost savings from the merger have resulted in net profit margins at the high end of the industry average; this has enabled Novartis to invest significantly in organic growth. In addition, Novartis consolidated activities with the divestment of non-core businesses. As a first and significant step, the company spun-off its CHF 8 billion specialty chemicals business Ciba SC in 1997. Afterwards, Novartis divested its CHF 5.5 billion agribusiness sector, merging it with the agrochemicals business of AstraZeneca to form Syngenta. Novartis now operates its core businesses in two divisions: pharmaceuticals and consumer health.