US agriculture group Monsanto Company has announced the completion ofits proposed acquisition of Dutch vegetable seed company De RuiterSeeds Group for €546m in cash, or approximately US$850m at currentexchange rates, less net debt.
Monsanto said it would start to transition the De Ruiter Seedsbusiness into its vegetable seeds division alongside its other businessunits, Seminis and the International Seed Group, Inc. Monsanto’svegetable seed business will serve its customers through threededicated platforms: protected-culture, open field and regionalvegetable seed businesses.
The De Ruiter Seeds business will serve the protected-culturevegetable seed market, Seminis will serve the open-field vegetable seedmarket, and ISG will serve customers of regional seed businesses. Untilthe transition is complete, business units will continue to conductbusiness as usual.
'We look forward to working with the people at De Ruiter Seeds andidentifying new opportunities for us to combine our strengths todeliver new innovations to growers and customers,” said ConsueloMadere, head of Monsanto's vegetable seed division.
Biense Visser, De Ruiter Seeds president and chief executiveofficer, said he was also looking forward to the future. “We areconvinced that the future of our company is best with Monsanto becauseof their world class technology and the strategic opportunities for ourcompany,” he said. “It will allow us to strengthen our productleadership strategy.”
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