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Monsanto, Sumitomo Chemical and Valent Announce Crop-Protection Collaboration

http://finance.yahoo.com/news/Monsanto-Sumitomo-Chemical-prnews-703908937.html?x=0&.v=1

›October 19, 2010, 10:00 am EDT

ST. LOUIS, Oct. 19, 2010 /PRNewswire-FirstCall/ -- Monsanto Company (NYSE:MON), Sumitomo Chemical Co., Ltd. (SCC) and SCC's wholly-owned subsidiary, Valent U.S.A. Corporation, today announced a long-term agreement that makes the companies strategic partners in Monsanto's Roundup Ready PLUS™ weed management platform in the United States. In addition, Monsanto and SCC have agreed to seek further collaboration on weed management opportunities with SCC's flumioxazin products in other countries such as Brazil and Argentina.

Valent herbicides covered under the agreement include the growing line of preemergence residual herbicides such as Valor® SX, Valor XLT, Gangster® and Fierce™, a new product pending registration, along with the Select® branded post-grass herbicides in the United States.

Earlier today Monsanto announced the Roundup Ready PLUS platform, which allows farmers to maximize the benefits of their Roundup Ready crops by using the platform's recommendations and receiving financial incentives. Roundup Ready PLUS is designed to provide effective and sustainable weed control benefits for farmers.

Today's agreement will make the Valent products key elements of the Roundup Ready PLUS platform under the incentives Cotton Performance Plus and Residual Rewards (for soybean growers). Under the agreement, Monsanto will license its Roundup Ready PLUS weed management trademarks for use with the Valent herbicides.

"This agreement creates value for farmers using the Roundup Ready PLUS system by delivering key weed management solutions delivered by the Valent line-up of products," according to Mike Frank, vice president of Monsanto's crop protection business. "This new agreement provides a clear path forward in cooperative weed management initiatives for years to come."

Ray Nishimoto, SCC Executive Officer, says, "This collaboration represents a milestone in the weed management system in US agriculture, offering a broad range of product choices supported by the highly advanced and extensive R&D expertise of both companies."

According to Jim Blome, Valent COO and executive vice president, "This agreement demonstrates the commitment that SCC-Valent and Monsanto have to partner for proactive product stewardship. Our goal is to provide growers with cost-effective and sustainable weed management programs, and working with Monsanto and their Roundup Ready PLUS platform is another major step for Valent in delivering that objective to farmers."

Financial terms of the agreement were not disclosed.

About Sumitomo Chemical

Sumitomo Chemical is one of Japan's leading chemical companies, offering a diverse range of products globally in the fields of basic chemicals, petrochemicals, fine chemicals, IT-related chemicals and materials, agricultural chemicals, and pharmaceuticals. The company's consolidated net sales for fiscal 2009 were US$17.4 billion (JPY1.62 trillion). For additional information, visit the company's website at www.sumitomo-chem.co.jp/english/.

About Valent U.S.A. Corporation

Valent, headquartered in Walnut Creek, Calif. develops and markets products in the United States and Canada that protect agricultural crops, enhance crop yields, improve food quality, beautify the environment and safeguard public health. Valent products include a well-known line of quality herbicide, insecticide, fungicide and plant growth regulator products for agricultural and professional use. It differentiates itself from its competitors as a leader in marketing and sales of both biorational and traditional chemical products. For more information about Valent or our full product line, call 800-6-VALENT (682-5368), or visit www.valent.com.‹