US agriculture group Monsanto Company has announced the completion of its proposed acquisition of Dutch vegetable seed company De Ruiter Seeds Group for €546m in cash, or approximately US$850m at current exchange rates, less net debt.
Monsanto said it would 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. 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, head of Monsanto's vegetable seed division.
Biense Visser, De Ruiter Seeds president and chief executive officer, said he was 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,” he said. “It will allow us to strengthen our product leadership strategy.”