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Monsanto purchases WestBred for $45 million
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ST. LOUIS - Monsanto Co., the world's biggest seed maker, said Tuesday that it purchased WestBred LLC for $45 million in order to gain access to the wheat market.
Privately held WestBred specializes in wheat germplasm, the crop's seed genetic material.
Monsanto said it will build its wheat operations around WestBred and will look for public and private partnerships to help enhance its business.
The acquisition is not expected to add to Monsanto's earnings until the middle or later part of the next decade.
Monsanto shares rose 36 cents to $73.91 in premarket trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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