6/6/2018 10:18:00 AM/Categories: Popular Posts, General News, Today's Top 5, Livestock, Grains
Monsanto's new owner Bayer announced it will nix the brand name as soon as August, when its $66 billion acquisition of Monsanto is expected to be complete. The merger, approved by the Justice Department last week, will create the largest seed and agrochemical company on Earth, uniting Bayer's pesticide business with Monsanto's genetically modified crop portfolio. In the process of amassing that portfolio, Monsanto has become one of the most-hated large companies in the world. Its name is regularly splashed across protest banners and invoked in arguments against the alleged harms of pesticides and GMOs, reports the Washington Post. The decision to drop Monsanto's name is part of a wider campaign to win back consumer trust, said Liam Condon, president of Bayer's Crop Science Division, during a Monday call with journalists. In a separate statement Monday, Bayer chief executive Werner Baumann said the company would redouble its efforts to engage with critics. Bayer executives say it's too early to predict the exact form that engagement will take. While Bayer is set to formally acquire Monsanto on Thursday, the companies will not integrate until Bayer has sold off $9 billion in assets as part of an antitrust agreement with the Justice Department. Monsanto is a major producer of pesticides and genetically modified crops, selling a package of farm products that have improved yields and cut down on some pest problems. But while that business has made the company popular with many farmers, a series of scandals have damaged its reputation with consumers.
Photo Courtesy of Genetic Literacy Project
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