Monsanto Company Completes Acquisition of De Ruiter Seeds
13/06/2008 18:55
PR Newswire
ST. LOUIS, Missouri, June 13 /PRNewswire/ -- Monsanto Company (NYSE: MON) announced today that it has completed its
proposed acquisition of De Ruiter Seeds Group B.V., a Dutch-holding company
that owns and operates De Ruiter Seeds, for EUR546 million in cash, or
approximately $850 million at current exchange rates, less net debt.
Monsanto will start to transition the De Ruiter Seeds business into its
vegetable seeds division alongside its other business units, Seminis and the
International Seed Group, Inc. (ISG). Monsanto's vegetable seed business will
serve its customers through three dedicated platforms: protected-culture,
open field and regional vegetable seed businesses. The De Ruiter Seeds
business will serve the protected-culture vegetable seed market, Seminis will
serve the open-field vegetable seed market, and ISG will serve customers of
regional seed businesses. Until the transition is complete, business units
will continue to conduct business as usual.
"We look forward to working with the people at De Ruiter Seeds and
identifying new opportunities for us to combine our strengths to deliver new
innovations to growers and customers," said Consuelo Madere, the Monsanto
vegetable seed lead.
Biense Visser, De Ruiter Seeds president and chief executive officer,
said he is also looking forward to the future.
"We are convinced that the future of our company is best with Monsanto
because of their world class technology and the strategic opportunities for
our company," said Visser. "It will allow us to strengthen our product
leadership strategy."
About Monsanto Company
Monsanto Company is a leading global provider of technology-based
solutions and agricultural products that improve farm productivity and food
quality. For more information, please visit the company's web site at
http://www.monsanto.com.
About De Ruiter Seeds
De Ruiter Seeds breeds, produces and sells hybrid vegetable seeds for top
vegetable products such as tomato, cucumber, aubergine, pepper, melon and
rootstock. De Ruiter Seeds is one of the top breeding companies in the world.
For more information, please visit the company's web site at
http://www.deruiterseeds.com.
Cautionary Statements Regarding Forward-Looking Information:
Certain statements contained in this release are "forward-looking
statements," such as statements concerning the company's anticipated
financial results, current and future product performance, regulatory
approvals, business and financial plans and other non-historical facts. These
statements are based on current expectations and currently available
information. However, since these statements are based on factors that
involve risks and uncertainties, the company's actual performance and results
may differ materially from those described or implied by such forward-looking
statements. Factors that could cause or contribute to such differences
include, among others: continued competition in seeds, traits and
agricultural chemicals; the company's exposure to various contingencies,
including those related to intellectual property protection, regulatory
compliance and the speed with which approvals are received, and public
acceptance of biotechnology products; the success of the company's research
and development activities; the outcomes of major lawsuits; developments
related to foreign currencies and economies; successful operation of recent
acquisitions; fluctuations in commodity prices; compliance with regulations
affecting our manufacturing; the accuracy of the company's estimates related
to distribution inventory levels; the company's ability to fund its
short-term financing needs and to obtain payment for the products that it
sells; the effect of weather conditions, natural disasters and accidents on
the agriculture business or the company's facilities; and other risks and
factors detailed in the company's most recent report on Forms 10-Q and 10-K.
Undue reliance should not be placed on these forward-looking statements,
which are current only as of the date of this release. The company disclaims
any current intention or obligation to update any forward-looking statements
or any of the factors that may affect actual results.
Notes to editors: Seminis is a trademark of Monsanto Company and its
wholly owned subsidiaries. De Ruiter Seeds is a trademark of De Ruiter Seeds.
Contact Media: Marleen van Balkom, De Ruiter Seeds, (+31-0-10-5292-674), Media: Mica Veihman, Monsanto, (+1-314-694-2992). Analysts: Scarlett Lee Foster, Monsanto,, (+1-314-694-8148)
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