Monsanto Anticipates Revenue Boost from Biotech Crops

Monsanto Co. expects to see its revenue increase by about 15 percent from its biotech crops business, offsetting declining herbicide revenue, the crop biotechnology and pesticides company said at its annual shareholder meeting Jan 29.

Hugh Grant, chairman, said the company’s genetically modified seeds business would deliver “remarkable opportunities to farmers around the world.”

In addition, Grant said the company plans to move forward with its genetically modified wheat despite resistance in Europe. Shareholders reelected Frank AtLee, Gwendolyn King and Sharon Long as directors of the firm until 2007. They also approved a proposal requiring the board to seek shareholder approval before implementing a “poison pill” program. The company currently does not have a poison pill program and does not plan to adopt one, it said in a statement. A poison pill is a move by a company to prevent a takeover by a potential buyer.

Shareholders rejected proposals that would have required the company to produce reports on genetically engineered seed and pesticides.

Source: St. Louis Business Journal