Seminis

For other uses, see Seminis (disambiguation).
Seminis, Inc.
Subsidiary
Founded 1994
Headquarters St. Louis, Missouri, U.S.
Products more than 3,500 seed varieties
Revenue US$ 569 million (2006)
Number of employees
 3,000 (2007)
Parent Monsanto Company
Website www.seminis.com

Seminis is the largest developer, grower and marketer of fruit and vegetable seeds in the world. Seminis' hybrids claim to improve nutrition, boost crop yields, limit spoilage and reduce the need for chemicals. Their retail line includes over 3,500 seed varieties.

History

Seminis was established in 1994 by Alfonso Romo under his Savia Group, a part of the Empresas La Moderna S.A. conglomerate, to consolidate leading companies in the fragmented fruit and vegetable seed industry.[1] The process was realized by takeovers of such companies (mostly Dutch) as: Asgrow, Petoseed, Royal Sluis, Bruinsma Seeds, and Genecorp.[2]

In 1996, Romo sold the grains business of Seminis to Monsanto for $240 million.[3]

In 1999, Savia took Seminis public, in which Savia retained control of the company.[4]

In September 2003, Savia took Seminis off the public markets for approximately $650 million via an investment of approximately $222 million from Fox Paine & Company and additional cash and stock from Savia and related entities.[5][6][7]

On March 23, 2005, Monsanto Company announced that it had completed its acquisition of Seminis. According to the press release announcing the deal, Monsanto paid $1.4 billion in cash and assumed debt, plus a performance-based payment of up to $125 million payable by 2007[8]

References

  1. ↑ Staff, The Economist. January 27, 2005 Lord of the Seeds
  2. ↑ Seminis history (official site)
  3. ↑ Reuters, via the Los Angeles Times. October 11, 1996 Mexican Firm Following Growth Strategy: Diversification: La Moderna has broadened its scope from cigarettes to agrobiotechnology. Its focus is to become a market leader in select fields.
  4. ↑ Debora Vrana for the Los Angeles Times. May 31, 1999. Agricultural Seed Firm Seminis Is Seeking to Reap Capital With IPO
  5. ↑ Press release. September 29, 2003 Savia and Fox Paine complete previously announced acquisition of Seminis for $3.78 per share
  6. ↑ John Nagel for The Deal. 2003 Fox Paine, Romo, Buys into Seminis
  7. ↑ Melinda Fulmer for the Los Angeles Times. December 14, 2002. Seminis to Be Acquired in $650-Million Deal
  8. ↑ Jack Kaskey for Bloomberg News. January 24, 2005 Monsanto to Buy Seed Seller Seminis for $1 Billion (Update3)


This article is issued from Wikipedia - version of the 10/10/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.