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Japanese company buys Monsanto seed coating rightsJapanese trader Mitsui & Co. has announced plans to purchase agrichemical business assets from Monsanto in a deal worth around $86.5 million, a move prompted by the dramatic realignment of the global crop industry.
Mitsui will acquire intellectual property rights associated with Latitude, the seed coating effective in fighting a crop disease that occurs after replanting wheat and barley. Assets being transferred include licensing, trademark and selling rights for the chemical. Latitude enjoys a virtual monopoly in Europe, where crops are typically cultivated in the same field for two consecutive years or more.
Monsanto markets Latitude in over 10 countries, mainly in Europe. Mitsui will sell the product in Britain, France, Germany and other western European nations via Dutch subsidiary Certis Europe and German unit Spiess-Urania Chemicals. Latitude draws around 10 billion yen in annual sales, though Mitsui seeks to boost that figure by at least 20-30%.
Publication date: 1/11/2017
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