Monsanto’s new N American seed products key to 2010 growth - CEO

07 October 2009 18:26  [Source: ICIS news]

HOUSTON (ICIS news)--The introduction of new seed products in North America as well as added market share in South America should drive 2010 growth for Monsanto, the US agricultural and biotechnology major said on Wednesday.

The seeds and traits business, which is projected to represent 85% of Monsanto's total sales in 2012, is expected to cross the $5bn (€3.4) gross profit mark in 2010 for the first time through improved pricing and by creating new value for growers, Monsanto CEO Hugh Grant said during a conference call.

The St Louis, Missouri-based company said it plans to introduce a corn seed in the US next year that is genetically resistant to European corn borer and corn rootworm, and is also tolerant to the use of the company’s Roundup herbicide.

“The fight for the hearts and minds of the grower has never been greater,” Grant said.

Grant said he expected the company’s row crop sales to increase 70% by 2012.

In the soybean seed market, Monsanto’s growth should be driven by the commercial launch of a new generation of enhanced seeds in North America as well as greater penetration of first-generation Roundup Ready seeds in Brazil, the company said.

In the cottonseed market, Monsanto said it would launch new varieties and seek greater market share in India.

On a global basis, the company said it plans to launch one new seed product every year for the next seven years.

($1 = €0.68)

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By: Frank Zaworski
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