Agrochemicals manufacturer Makhteshim Agan Industries Ltd. (TASE: MAIN) and Monsanto Company (NYSE: MON) will collaborate on weed management. Under the deal, Monsanto will license the trademark of its Roundup Ready PLUS, a weed management program, for use with select products from Makhteshim Agan. The companies did not disclose the size of financial terms of the agreement.
The deal will enable farmers who use Makhteshim Agan crop protection products to benefit from Roundup Ready PLUS programs, such as Cotton Performance Plus. These products, combined with glyphosate, offer multiple modes of action to combat weeds that have developed resistance to glyphosate. Used together, the multiple molecules also can reduce the risk of developing weed resistance.
Makhteshim Agan director global products and marketing Yoav Zeif said, “We have long admired Monsanto as a global leader in the new era of crop protection and we’re pleased to announce this important collaboration, which underscores the breadth and quality of Makhteshim Agan’s product portfolio. This agreement is the result of a long-standing business partnership between our companies, as we share a goal of providing simple and smart crop protection solutions. It’s good business for both of our companies, and excellent news for our customers."
Monsanto VP crop protection Mike Frank added, “Makhteshim Agan is a global leader in crop protection, and they are well-positioned to serve as a reliable supplier of the off-patent molecules we’ll use to enhance the Roundup Ready PLUS platform and help farmers manage weed resistance."
Makhteshim's share price rose 0.3% in early trading to NIS 16.72.
Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010
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