US-based multinational agricultural biotechnology Monsanto has completed the acquisition of planting technology developer Precision Planting for $210m.
With the acquisition, the Precision Planting is a part of Monsanto's Integrated Farming Systems unit, which will utilize advanced agronomic practices, seed genetics and innovative on-farm technology to deliver optimal yield to farmers while using fewer resources.
Precision Planting, based in Tremont, Illinois, develops the latest software, hardware and after-market production equipment to help farmers plant, harvest and analyze data from each field to improve yield and productivity.
It has a rich pipeline including a system designed to help simplify variable rate planting and increase farmers' yields through more accurate planting.
According to Monsanto, Precision Planting's new FieldView technology - which offers an application designed to monitor all critical aspects of planter performance and crop data analysis, will complement its planned Integrated Farming Systems.
The agreement to acquire Precision Planting was announced by Monsanto on 23 May 2012. The deal also included a performance-based payment of up to $40m. At the time of the announcement, Monsanto noted that Precision Planting operations will remain in Tremont and all Precision employees will be offered their continued jobs in Tremont.
