In line with its vision of delivering yield to farmers sustainably, Monsanto Company announced it reached an agreement to purchase planting technology developer Precision Planting, Inc., a proven leader in improving yields through on-farm planting performance.
The Precision Planting team will become part of Monsanto’s Integrated Farming Systems unit, which utilizes advanced agronomic practices, seed genetics and innovative on-farm technology to deliver optimal yield to farmers while using fewer resources. Precision Planting has a long history of innovations that optimize planter performance and increase yield potential, including the new FieldView™ technology, which offers an application designed to monitor all critical aspects of planter performance and crop data analysis. That will complement Monsanto’s planned Integrated Farming Systems offering of science-based agronomic seed prescriptions combined with next-generation precision equipment to help farmers boost yields and reduce risk.
The Precision Planting operations will remain in Tremont and all Precision employees will be offered their continued jobs in Tremont. Monsanto agreed to pay $210 million for the business, plus a performance-based payment of up to $40 million.
The transaction is subject to customary closing conditions and is expected to close this summer.