A new global venture between Monsanto and Remington Holding Company, LLC, with a focus on sorghum distribution and technology is expected to close following regulatory approval. The joint venture will be called Innovative Seed Solutions, LLC.
The venture is a combination of Monsanto’s global sorghum breeding business, including germplasm and intellectual property, and Remington’s cash contribution. The groups say the combination will provide higher investment and innovation in sorghum and will also expand availability of certain products in the market. In addition to Remington’s cash contribution to Innovative Seed Solutions, LLC, the group will buy Monsanto’s U.S sorghum production assets. Both parties valued the two transactions total at $169.5 million with Remington’s total cash payment of $110.5 million.
The new company will be 60% Remington-owned and 40% Monsanto-owned. Monsanto will offer sorghum products from the joint venture through its house brands Asgrow, Dekalb, Channel and regional seed brands.