Japan’s Mitsui Acquires Monsanto’s Latitude Wheat Coating Business for $86.5M
By the end of this of the month, Mitsui’s acquisition of Latitude, a wheat fungicide business trademark of Monsanto, should be fully transacted pending several conditions.
The use of this seed coating fungicide lessens the amount of applications needed during a typical wheat growing season while also reducing wheat production’s impact on the environment – two facts which are expected to drive increased demand for the product from farmers.
Latitude is currently registered and sold in 10 countries, mainly in Europe, however, Mitsui plans to expand the sale of the product through its two subsidiaries – Certis Europe B.V in the Netherlands and Urania Chemicals GmBH in Germany.
Food and Agriculture area is a key strategic domain for Mitsui. The company sees adding Lattitude suited very well with its current business model because of the global marketplace trust from both customers and partners.