Monsanto and Scotts Miracle-Gro Expand Long-Standing Partnership
Monsanto Company (NYSE:MON) and The Scotts Miracle-Gro Company (NYSE: SMG), the leading marketer of branded consumer lawn and garden products, today announced the two companies have extended their nearly two-decade long partnership in the lawn and garden consumer market.
Since 1999, Scotts Miracle-Gro, through one of its subsidiaries, has served as Monsanto’s exclusive agent for the marketing and distribution of Roundup(R) non-selective herbicides in the consumer lawn and garden market within the United States and select international markets. Today’s agreement will unlock additional value in the Roundup brand in the lawn and garden segment by providing Scotts with an extended license to use the Roundup brand in new lawn and garden product categories and broaden their marketing rights into new geographies.
As part of the extension, Monsanto also renewed and expanded the terms of its marketing agreement with Scotts and provided preferred access to Monsanto’s R&D pipeline for lawn and garden.
“This agreement highlights the value of the Roundup brand and extends the relationship with a long-term, trusted partner,” said Kerry Preete, Monsanto Executive Vice President of Global Strategy. “It also further demonstrates our commitment to our broad licensing strategy. Monsanto looks forward to the continued partnership with Scotts as we work to deliver consumers with a diverse range of lawn and garden solutions.”
Under the agreement, Scotts will pay Monsanto a one-time upfront payment of $300 million in exchange for a Roundup(R) brand license, extended agency agreement and technology agreement.
Monsanto’s President and COO Brett Begemann will speak today at the BMO 10th Annual Farm to Market Conference at 11:30 AM CT (12:30 PM ET). Brett will discuss product performance, the company’s strategic initiatives and long-term growth drivers, and other matters related to the company’s business including today’s announcement with Scotts.
About Monsanto Company
Monsanto is committed to bringing a broad range of solutions to help nourish our growing world. We produce seeds for fruits, vegetables and key crops – such as corn, soybeans, and cotton – that help farmers have better harvests while using water and other important resources more efficiently. We work to find sustainable solutions for soil health, help farmers use data to improve farming practices and conserve natural resources, and provide crop protection products to minimize damage from pests and disease. Through programs and partnerships, we collaborate with farmers, researchers, nonprofit organizations, universities and others to help tackle some of the world’s biggest challenges. To learn more about Monsanto, our commitments and our more than 20,000 dedicated employees, please visit: discover.monsanto.com and monsanto.com. Follow our business on Twitter(R) at twitter.com/MonsantoCo, on the company blog, Beyond the Rows(R) at monsantoblog.com or subscribe to our News Release RSS Feed.
Cautionary Statements Regarding Forward-Looking Information:Certain statements contained in this release are “forward-looking statements,” such as statements concerning the anticipated financial results, current and future product performance, regulatory approvals, business and financial plans of the company and the potential combined business of the company and Syngenta, including the expected benefits of a potential combination as well as whether a potential combination will be entered into or completed, and other non-historical facts. These statements are based on current expectations and currently available information. However, since these statements are based on factors that involve risks and uncertainties, the company`s actual performance and results may differ materially from those described or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, among others: continued competition in seeds, traits and agricultural chemicals; the company`s exposure to various contingencies, including those related to intellectual property protection, regulatory compliance and the speed with which approvals are received, and public acceptance of biotechnology products; the success of the company`s research and development activities; the outcomes of major lawsuits and the previously-announced SEC investigation; developments related to foreign currencies and economies; successful operation of recent acquisitions; fluctuations in commodity prices; compliance with regulations affecting the company`s manufacturing; the accuracy of the company`s estimates related to distribution inventory levels; the recent increases in and expected higher levels of indebtedness; the company`s ability to fund its short-term financing needs and to obtain payment for the products that it sells; the effect of weather conditions, natural disasters and accidents on the agriculture business or the company`s facilities; the possibility that a potential transaction involving Syngenta will not be entered into or will be pursued on different terms and conditions, failure to obtain necessary regulatory approvals or to satisfy any of the other conditions to a possible transaction, failure to realize the expected benefits thereof, or the impact of changes in business, financial, market, legal or other conditions; and other risks and factors detailed in the company`s most recent periodic report to the SEC. Undue reliance should not be placed on these forward-looking statements, which are current only as of the date of this release. The company disclaims any current intention or obligation to update any forward-looking statements or any of the factors that may affect actual results.
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