06 August 1999 15:25 [Source: ICIS news]
HOUSTON (CNI)--Monsanto has agreed to sell its cotton seed unit, Stoneville Pedigreed Seed Company, to a leading private investment firm in Dallas, Texas, the companies announced Friday.
The firms declined to reveal financial terms of the deal but noted the transaction is a sale for cash involving all Stoneville stock, which is wholly owned by Monsanto.
All Stoneville employees will be offered jobs by the new owners, an affiliate of investment firm Hicks, Muse, Tate & Furst. Hicks Muses's management affiliate for transactions in the seed industry, Emergent Genetics, will invest in the company with Hicks Muse.
The acquisition is Hicks Muse's third in the seed industry, all in partnership with Emergent Genetics.
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