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Monsanto closes Seminis acquisition
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Betting Internet Said Monsanto Company said it closed its all-cash acquisition of vegetable and fruit seed company Seminis Wednesday.If you would like to receive late breaking agricultural news covered by AXcess News then you need to subscribe.Print This Page
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Football Betting March 23, 2005 (AXcess News) St Louis - Monsanto Company (NYSE: MON) said it closed its all-cash acquisition of vegetable and fruit seed company Seminis Wednesday.The deal, which was struck in January, calls for Monsanto to pay $1.4 billion in cash for the Oxnard California-based seed company, which includes the assumption of $400 million in debt. An additional $125 million is being made available for performance compensation if Seminis hits its numbers in 2007. Seminis produces 3,500 varieties of vegetable and fruit seeds, which are distributed in over 150 countries worldwide. In 2004, Seminis sales were $526 million. Dr. Bruno Ferrari will remain at his post as president and chief operating officer. Ferrari joined Seminis in 1997, moving to the president and COO spot in 2005. Seminis will now become a wholly owned subsidiary of Monsanto.
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Sports Betting Forum Global competition had forced Monsanto to change direction from a herbicide dominant company to a diverse agricultural supplier of both its Roundup herbicide and seeds. Monsanto said it was buying Seminis to capitalize on health trends while distancing itself from chemical herbicides.
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Internet Betting Poker Shares of Monsanto were up 40 cents, or 0.67%, in mid-day trading at $59.89 after being down 53 cents in early morning trades.
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