Innovation Seed Solution LLC is the new joint venture created by Monsanto Company and Remington Holding Company, LLC. The global retail seed provider has joined with Monsanto’s broad range of solutions to focus on sorghum. Together the companies hope to provide greater market access and a higher level of innovation for the crop using Monsanto’s global sorghum breeding business and funding from Remington. As part of the agreement, a subsidiary of Remington will purchase Monsanto’s sorghum assets in the U.S.
Innovative Seed Solutions will be governed by a board comprised of members from both companies. Remington will have a 60 percent ownership over the new venture; Monsanto the other 40. Dan Zinck will lead the way as chief executive officer.
Remington noted that with today’s announcement, it has expanded its partnership-focused business model and strengthened its position as a multi-national service provider to the retail seed industry – improving product access for a diverse set of global, national, and regional customers that market and sell seed to growers.
“Since establishing the Remington business model over 30 years ago, we have had a singular focus on providing the highest level of quality and service to ensure the success of our customers,” said John Overbeck, CEO of Remington. “We are honored to have this opportunity to enhance our existing relationship with Monsanto and to expand upon our seed service solutions by enhancing the seed industry’s access to elite product offerings.”
Monsanto believes the expansion will help the commercial and technology reach of their elite germplasm; something that will benefit sorghum growers. New products created through the venture will be marketed as Asgrow, DEKALB and Channel seed brands.
“We recognize that our sorghum business has great potential to expand and grow both domestically and internationally,” said Mike Frank, vice president and chief commercial officer of Monsanto Company. “We believe by partnering with Remington in the joint venture, we can bring an increased level of focus, investment and resources into this crop space, driving greater stability and value from this business. We remain committed to treating our employees with respect as we work through the necessary approvals for this transaction and next steps with our U.S.-based facilities.”