Press Releases

Monsanto Company announced today it has agreed to acquire Plant Breeding International Cambridge Limited (PBIC), a leading European plant breeder, from Unilever for £320 million ($525 million).

PBIC produces new and improved varieties of agricultural crops and markets them through a network of associated companies and agents worldwide. PBIC has established breeding programs for several crops, including winter wheat, barley, oilseed rape and potatoes. These efforts are aimed at developing crops that offer farmers higher yields, better quality, improved disease resistance and lower production costs. PBIC has principal operations in the United Kingdom, France and Germany.

Together, the companies will build on PBIC's tradition of developing high-quality seed varieties by combining PBIC's conventional breeding capabilities with Monsanto's expertise in advanced breeding techniques. This will result in the development and introduction of improved seed varieties for U.K. and European farmers. Additionally, PBIC and Monsanto's Hybri-Tech unit will be able to introduce new hybrid wheat varieties, also developed through conventional breeding, in the near future.

Longer term plans include the possibility of improving key crops through biotechnology, including the development of plants that are resistant to the significant diseases and viruses that plague crops such as wheat throughout Europe. The first cereal crops incorporating improvements from biotechnology are not expected to be commercialized in Europe until after 2003.

"PBIC is a center of excellence in plant breeding, with top quality seed stock and highly skilled breeders," said Hendrik A. Verfaillie, president of Monsanto Company. "We plan to learn from their experience, and to increase the investment in PBIC's leading breeding program to provide European farmers with access to top technology."

"Cambridge is the hub of biotechnology research in the U.K., and we're excited about becoming a part of it," said Hugh Grant, co-president of Monsanto's agricultural sector. "It's the right environment for us to expand the strong  business and research base PBIC has built, including their existing work in biotechnology. Our goal is to supply farmers with an even wider range of improved plant varieties they will want to grow."

"Monsanto is an ideal partner for us," said David Taylor, operations director of PBIC. "Their commitment to European agriculture will take the work we've been doing to a new level. We're excited to be joining up with an organization that will be investing in the most advanced agricultural practices in the years to come."

Once the acquisition is complete, PBIC will remain at its current site in Cambridge. The company employs more than 280 people in Cambridge, at breeding facilities in Chartres, France, and Silstedt, Germany, and at a potato facility in Perth, Scotland. No job losses or redundancies are expected as a direct result of the acquisition.

Monsanto is a life sciences company, committed to finding solutions to the growing global needs for food and health by applying advanced science to agriculture, nutrition and health. It makes and manufactures high-value agricultural products, pharmaceuticals and food ingredients.

PBIC was formed in 1987 when Unilever acquired the breeding and applied science resources of the Plant Breeding Institute and the National Seed Development Organization from the U.K. government. The company was formed to produce high yielding, top quality crop varieties with the necessary pest and disease resistance to minimize input costs.

For additional information, please contact:
In the U.S.:
Scarlett Lee Foster
314-694-2883
scarlett.l.foster@monsanto.com 

In the U.K.:
Daniel F. Verakis
44-171-495-8455
daniel.f.verakis@monsanto.com 

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