Monsanto Retreating from European Wheat Business 

Reuters 15oct03

KANSAS CITY, MO—Monsanto Co.'s (nyse: MON - news - people) decision to shut down a European wheat business was partly tied to opposition to biotech crops, but it is not retreating from its development of the world's first genetically engineered wheat, company officials said on Wednesday.

Monsanto said it was exiting the European breeding and seed business for wheat and barley as part of a corporate restructuring.

It bought the Cambridge, U.K.-based breeding and seed business in July 1998 primarily to develop hybrid wheat varieties. That business, which employs about 125 people, "never materialized," said Monsanto spokeswoman Lori Fisher.

"The slowdown in biotech acceptance in Europe made the biotech prospects for that business less desirable as well," said Fisher.

She said Monsanto has not yet determined whether it will shut the business down entirely, or sell all or parts of it.

Meanwhile, Monsanto continues to pursue regulatory approval to commercialize a herbicide-resistant wheat.

"We're continuing to pursue the acceptance and regulatory approvals of Roundup Ready wheat with the hope that we can initially commercialize in the U.S. and in Canada," said Fisher.

source: http://www.forbes.com/markets/newswire/2003/10/15/rtr1109897.htm 15oct03l