Monsanto Company Completes Acquisition of De Ruiter Seeds |
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By: De Ruiter Seeds Posted: 2008-06-14 05:43:02 |
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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. |
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