US biotech giant Monsanto has announced that it has signed a definitive agreement to acquire fruit and vegetable seed company Seminis for US$1.4bn in cash and assumed debt, plus a performance-based payment of up to $125m payable by the end of fiscal year 2007.
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“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, 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 capitalise on this fast-growing segment of agriculture, and the acquisition likewise expands Monsanto’s ability to grow,” he added.
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.
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