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Monsanto Announces Sale Of Sweetener Ingredient Business

 Pr Newswire - March 27, 2000 07:56

 St. Louis, March 27 /Prnewswire/ -- Monsanto Company (Nyse: Mtc) Today
Announced That It Has Signed A Definitive Agreement To Sell Its
Sweetener Ingredient Business, Including The Nutrasweet Brand, To J.W.
Childs Equity Partners Ii, L.P., A Boston-Based Private Equity Firm With
Substantial Experience In The Food, Beverage And Food Ingredient
Industries. Under Terms Of The Agreement, Monsanto Will Receive $440
Million In Cash For The Business. All Current Employees Of The Business
Will Be Offered Employment With The New Company Formed By J.W. Childs.
The Principal Locations Of The Business Are In The Chicago, Il
Metropolitan Area And Augusta, Ga.

 Monsanto Also Announced That It Has Signed A Definitive Agreement To
Sell For $67 Million In Cash Its Equity Interests In Two European Joint
Venture Companies, Nutrasweet A.G., And Euro-Aspartame S.A., To
Ajinomoto Co., Inc., Monsanto's Long-Standing Partner In The Joint
Ventures. The Joint Venture Companies Are Involved In The Manufacturing
And Marketing Of High Intensity Sweetener Ingredients In Europe. The
Sale To Ajinomoto Includes Several Strategic Agreements, Which Will
Ensure That Monsanto's Global Sweetener Ingredients Customers Will
Continue To Be Provided With Services In An Efficient And Quality
Manner. Closing Of The Sale Of Monsanto's Equity Interests In These
Joint Ventures Will Occur Coincident With The Closing Of The Transaction
With J.W. Childs.

 "The Global Sweetener Ingredient Business Has A Long History Of Leading
The Industry In Terms Of Innovation And Consistent Business Performance.
We're Pleased That The Business And Its People Will Have The Opportunity
To Enhance The Business In Focused, Stand-Alone Entities," Said Hendrik
Verfaillie, Monsanto's President And Chief Operating Officer.

 Upon Closing Of The Transactions With J.W. Childs And Ajinomoto Co.,
Inc. And The Previously Announced Sale Of Its Biogums Business For $685
Million In Cash To Hercules 2000, Llc, Monsanto Will Have Completed
Execution Of Its Strategic Restructuring Plan Announced July 1, 1999,
That Included Selling Its Consumer And Bulk Food Ingredients Businesses.
On March 20, 2000, Monsanto Announced The Closing Of The Sale Of Its
Table Top Sweetener Business To Merisant Company For $570 Million In
Cash. Proceeds From The Sale Of All Of The Businesses Included In The
Plan Will Be Used To Pay Down Debt And For Other Corporate Purposes.

 "We've Delivered On The Restructuring Commitments We Made In 1999 In
Order To Realign Our Long Term Strategies. Proceeds From These
Divestitures Will Further Strengthen Our Balance Sheet, And Will Enable
Us To Focus On The Areas Critical To Achieving Our Near- And Long-Term
Growth Targets," Said Gary Crittenden, Monsanto's Chief Financial
Officer.

 Source Monsanto Company