Monsanto to purchase planting technology developer
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ST. LOUIS, MO. May 23 -Monsanto Company announced it reached an agreement to purchase planting technology developer Precision Planting, Inc., a proven leader in improving yields through on-farm planting performance. The St. Louis-based agribusiness agreed to pay $210 million for Precision Planting, plus a performance-based payment of up to $40 million.
The Precision Planting team, based in Tremont, IL. will become part of Monsanto's Integrated Farming Systems unit, which utilizes advanced agronomic practices, seed genetics and innovative on-farm technology to deliver optimal yield to farmers while using fewer resources. Precision Planting has a long history of innovations that optimize planter performance and increase yield potential, including the new FieldView™ technology, which offers an application designed to monitor all critical aspects of planter performance and crop data analysis. That will complement Monsanto's planned Integrated Farming Systems offering of science-based agronomic seed prescriptions combined with next-generation precision equipment to help farmers boost yields and reduce risk.
“This underscores our commitment to maximizing yield for farmers while optimizing crop inputs, which is central to our vision of sustainable agriculture,” said Robb Fraley, Monsanto's chief technology officer, in a release issued this morning.
“Precision Planting's goal is to boost yields through equipment innovation,” added Gregg Sauder, founder of Precision Planting. “Monsanto delivers yield through genetics and traits. Together, we can develop the advanced planting technologies that accurately deliver the optimum genetics to each square foot of soil.”
Based in Tremont, Ill., Precision Planting was founded in 1993 by Sauder and his wife, Cindy. The Sauders had an interest in and talent for developing planter add-ons to achieve precise depth and spacing to maximize yields and crop performance on their own farm. The company develops the latest software, hardware and after-market production equipment to help farmers plant, harvest and analyze data from each field to improve yield and productivity. Precision Planting has a rich pipeline including a system designed to help simplify variable rate planting and increase farmers' yields through more accurate planting.
The Precision Planting operations will remain in Tremont and all Precision employees will be offered their continued jobs there. The transaction is subject to customary closing conditions and is expected to close this summer. Other terms were not disclosed.
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