Monsanto to acquire Seminis, Inc. - A leading veg & fruit seed company

ST. LOUIS - Monsanto Company announced on January 24 that it signed a definitive agreement to acquire Seminis, Inc., for $1.4 billion in cash and assumed debt, plus a performance-based payment of up to $125 million payable by the end of fiscal year 2007.
"The addition of Seminis will be an excellent fit for our company as global production of vegetables and fruits, and the trend toward healthier diets which has been growing steadily over the past several years," said Hugh Grant, chairman, president and chief executive officer of Monsanto. "Seminis is uniquely positioned to capitalize on this fast-growing segment of agriculture, and the acquisition likewise expands Monsanto's ability to grow. We look forward to furthering the growth and leadership position established by Alfonso Romo and his team as the Seminis business is an important extension to our agricultural seeds platform."
Seminis is the global leader in the vegetable and fruit seed industry and their brands are among the most recognized in the vegetable-and-fruit segment of agriculture. Seminis supplies more than 3,500 seed varieties to commercial fruit and vegetable growers, dealers, distributors, and wholesalers in more than 150 countries around the world.
In addition to Seminis' leading presence in the vegetable and fruit seed industry, which is expected to contribute to Monsanto's financial results in the near-term, Monsanto management sees additional benefits longer term. From a technology perspective, Monsanto intends to continue on the path taken by Seminis for its business, which is to focus on developing products via advanced breeding techniques. Longer term, biotechnology applications could be an option, and will be evaluated in the context of Monsanto's research-and-development priorities and potential commercial business opportunities.

The Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality.