May 24, 2012
Monsanto to purchase planting technology developer Precision Planting
Press release
Monsanto will purchase planting technology developer Precision Planting, Inc., which technology will complement Monsanto''s Integrated Farming Systemsa？￠ Vision and strengthen its prescription offering.
The Precision Planting team will become part of Monsanto''s Integrated Farming Systems unit, which utilises advanced agronomic practices, seed genetics and innovative on-farm technology to deliver optimal yield to farmers while using fewer resources.
Precision Plantingdevelops the latest software, hardware and after-market production equipment to help farmers plant, harvest and analyze data from each field to improve yield and productivity. Among its innovations that optimise planter performance and increase yield potential, is the new FieldViewa？￠ technology, which offers an application designed to monitor all critical aspects of planter performance and crop data analysis. That will complement Monsanto''s planned Integrated Farming Systems offering of science-based agronomic seed prescriptions combined with next-generation precision equipment to help farmers boost yields and reduce risk.
"Precision Planting''s goal is to boost yields through equipment innovation," said Gregg Sauder, founder of Precision Planting. "Monsanto delivers yield through genetics and traits. Together, we can develop the advanced planting technologies that accurately deliver the optimum genetics to each square foot of soil."
The Precision Planting operations will remain in Tremont and all Precision employees will be offered their continued jobs in Tremont. Monsanto agreed to pay $210 million for the business, plus a performance-based payment of up to $40 million.The transaction is subject to customary closing conditions and is expected to close this summer.
Monsanto Company is a leading global provider of technology-based solutions and agricultural products that improve farm productivity and food quality.