Monsanto Acquires Limagrain Canada Seeds Inc.
Limagrain genetics Inc. (LGI) and Monsanto Canada announced today that the two companies have reached an agreement whereby Monsanto has acquired a 100 per cent equity position in Limagrain Canada Seeds Inc. (LCSI), a Saskatchewan-based canola seed research, production and marketing company.
Monsanto acquired a minority position in LCSI in 1997, with an option to explore a further equity position.
The purchase provides Monsanto with the assets of Limagrain Canada Seeds Inc. - assets that include quality canola germplasm, license agreements, a canola breeding program, current and future canola varieties, and a group of dedicated employees. Limagrain Canada Seeds Inc. will now be called Monsanto Canada Seeds.
In making the announcement, Gord Froehlich, Director, Seed/Trait & Licensing for Monsanto Canada said the purchase of LCSI supports Monsanto's commitment to continue to invest in Canadian agriculture and make new and innovative technologies available to Canadian farmers.
"The purchase of an integrated canola seed asset like LCSI is a great investment for Monsanto. LCSI's outstanding germplasm and canola seed varieties are a great complement to Monsanto's strength in biotechnology research," said Froehlich. "The purchase also gives Monsanto a leadership position in a North American canola business with links to cutting edge canola technology."
Jim Simon, president of Canadian Operations for Limagrain Genetics Inc., supported Froehlich's comments, saying "the sale of LCSI to Monsanto will provide the company and its personnel even greater opportunities for development through access to technologies that can be incorporated into the best varieties and provide the infrastructure and marketing expertise to facilitate the entry of these varieties into the marketplace." Simon added that LGI will now focus its investment in Canadian agriculture on the research, production and marketing of elite corn and soybean seeds under the Pride brand.
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