Novartis Seeds, Inc. - Field Crops and Land O'Lakes, Inc., have formed a joint venture to focus resources on specialty corn hybrids for the food and feed markets. Financial terms were not disclosed.

"This agreement marks Novartis Seeds' first major entry into specialty grains for the food and feed arena," says Edward T. Shonsey, President of Novartis Seeds, Inc.

Under the agreement, Novartis will purchase a fifty-percent interest in Wilson Seeds, Inc., an independently operated company currently owned by Land O'Lakes. Wilson Seeds recently purchased Zimmerman Hybrids, of Evansville, Ind., a leading developer of white corn hybrids, which is also included in the new joint venture. Wilson Seeds will continue to operate from its Harlan, Iowa, location.

In addition, the white corn genetics of Sturdy Grow Hybrids, a white corn breeding company in Arcola, Illinois, will also be licensed to the joint venture through Novartis Seeds. Novartis Seeds and Sturdy Grow struck an agreement in March 1998 resulting in the introduction of the first white corn hybrid with the Bt trait, NK® Brand N71-T7.

"Each company involved in this venture will contribute value towards the end result," Shonsey notes. "The product line will combine genetic traits for specialty crops with unique properties
that can only be gained through biotechnology."

Wilson Seeds, formed in 1926, has focused its breeding efforts on corn hybrids for food and feed since 1984 and currently sells about a dozen white corn hybrids.

"We"ve made it our business to develop white and yellow corn hybrids for the food market and specialty grains for feed," says John R. Crabtree, President of Wilson Seeds.

"Land O'Lakes brings unique strengths in marketing, Novartis Seeds is a research and technology driven company and Wilson Seeds is our conduit into the specialty grain arena," said Duane Halverson, Executive Vice President and Chief Operating Officer at Land O'Lakes, Inc. "It's a winning combination."

Contact:
Amy Beeler
Novartis Seeds
(612) 593-7282

Dave Seehusen
Land O'Lakes
(612) 451-5498

John Crabtree
Wilson Seeds
(712)755-3841

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