Monsanto Acquires WestBred To Develop New Technologies For Wheat
The $45m acquisition represents a long-term investment in research and development and breeding
Monsanto Company reported that it is expanding its seeds and traits portfolio to include wheat. The company has acquired the assets of WestBred, a Montana-based company that specializes in wheat germplasm, the crop's seed genetic material.
The investment is expected to bolster the future growth of Monsanto's seeds and traits platform and allow farmers to benefit from the company's experience in drought-, disease- and pest-tolerance technologies, said company.
The company said as the $45m acquisition represents a long-term investment in research and development and breeding, it does not expect the acquisition to be accretive to earnings until the middle to latter part of the next decade.
Carl Casale, executive vice president of global strategy and operations for Monsanto, said: Through WestBred, we'll be able to deliver advances in breeding and biotechnology to deliver a step-change in yield while creating a springboard for new partnerships and collaboration opportunities that create additional value for farmers.
Ron Ueland, president of WestBred, said: As WestBred looked at the wheat industry, we saw a need for technology infusion to be competitive with other crops farmers are growing. We believe that linking up with a company like Monsanto with a proven track record as an innovator is the best route to accelerate the development of new technologies.
WestBred, owned indirectly by Barkley Seed, is a wheat germplasm company in the US, with germplasm assets in all classes of wheat. WestBred's existing breeding capabilities and commercial operations are expected to become the centerpiece of Monsanto's wheat platform.
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