Monsanto Australia increased its shareholding in InterGrain on June 28th to 26% from its current 19.9%. The opportunity for Monsanto Australia to increase its stake in InterGrain was part of the initial agreement announced in 2010.
The Western Australian government remains the majority shareholder of InterGrain at 48.7%, with the Grains Research and Development Corporation (GRDC) remaining a shareholder with a 25.3% stake.
As it has for the past three years, Monsanto Australia will work alongside the Western Australian government and GRDC to support InterGrain by providing the wheat breeding program with access to its cutting edge technology.
The $4.5 million additional investment demonstrates Monsanto Australia’s confidence in InterGrain’s ability to deliver improved varieties to local growers and its capacity to improve technological innovation in the Australian grains market.
InterGrain CEO Tress Walmsley said: “InterGrain is in a stronger position to deliver improved varieties and double genetic gains thanks to Monsanto Australia’s investment. InterGrain welcomes the opportunity to build on this successful collaboration so that we continue to benefit from Monsanto Australia’s advanced marker system, technology and germplasm.
Monsanto Australia’s Managing Director, Daniel Kruithoff, said: “Bringing together Monsanto Australia’s world-leading breeding technology with InterGrain’s highly experienced breeders will drive the innovation that the Australian grains market needs to remain globally competitive.”