The Climate Corporation, a Monsanto subsidiary, has announced Monsanto’s termination of their agreement with Deere & Company for the acquisition of the Precision Planting LLC equipment business. Monsanto agreed to sell the business to Deere in November 2015, but the US Department for Justice blocked the deal amidst concerns it would give the firm a stranglehold on the market for high-speed precision-planters. “We are deeply disappointed in this outcome as we remain confident the acquisition would have benefited customers,” said president, agricultural solutions and chief information officer John May of Deere & Company.
Two agreements related to Deere’s purchase of Precision Planting will also be terminated, including the digital collaboration agreement between Deere and The Climate Corporation. Also ending is an agreement that would have allowed Ag Leader to expand access to and distribution of certain Precision Planting products and technologies. The Climate Corporation still intends to sell Precision Planting and has said several third parties that have expressed interest in purchasing it.
