Bayer CropScience completes acquisition of US cotton seed company Stoneville
Leverkusen – Today Bayer CropScience has completed the acquisition of Stoneville Pedigreed Seed Company from Monsanto Company after US authorities approved the transaction. On May 31, 2007 the two companies announced they had reached an agreement regarding the intended purchase by Bayer CropScience of Stoneville Pedigreed Seed Company, a leading US provider of cotton seeds, for a total purchase price of US-$ 310 million (approximately EUR 230 million). The acquisition is expected to enhance the fast-growing US cotton seed business of Bayer CropScience, currently the second largest cotton seed supplier in North America.
“We are very pleased with the purchase of this outstanding cotton business, and we welcome Stoneville employees to the Bayer CropScience family,” said Mike Gilbert, global head of Bayer CropScience’s cotton seed business. “Stoneville brings a long history of excellence in cotton. Together with this legacy and the high level of experience, know-how and skills of the Stoneville team, I am confident that our cotton business will continue to thrive and deliver innovative products to cotton growers in the years ahead.”
Led by its flagship FiberMax® brand, Bayer CropScience has seen strong growth in its US cotton seed business over the past few years. The purchase of the US Stoneville business is an extension of the company’s strategy to grow its presence in the US cotton market via new product development, organic growth and acquisitions.
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