Monsanto named Forbes’ Company of the Year

December 31, 2009

Monsanto named Forbes' Company of the Year

ST. LOUIS BUSINESS JOURNAL

Forbes magazine has named Monsanto its Company of the Year.

“It has created many billions of dollars of value for the world with seeds genetically engineered to ward off insects or make a crop immune to herbicides: Witness the vast numbers of farmers who prefer its seeds to competing products, and the resulting $44 billion market value of the company,” Robert Langreth and Matthew Herper of Forbes write in a profile called “The Planet Versus Monsanto.” “In its fiscal 2009 Monsanto sold $7.3 billion of seeds and seed genes, versus $4 billion for second-place DuPont.”

The magazine notes that 90 percent of the U.S. soybean crop and 80 percent of the corn crop and cotton crop are grown with seeds containing Monsanto’s technology.

Forbes also writes about critics of Monsanto, who blast genetically modified crops or allege the company has a monopoly in the seed market. The U.S. Justice Department has made inquiries into Monsanto’s marketing tactics after rival DuPont raised anti-competitive allegations.

The magazine also warned that Monsanto is likely to face a tough 2010 as rivals produce “more competitive products, and farmers are likely to resist further price increases.”

The company also cut 8 percent of its work force this year, or about 1,800 jobs.

Earlier this month, The Harvard Business Review names Monsanto Chief Executive Hugh Grant one of the world’s best-performing CEOs.

Creve Coeur, Mo.-based Monsanto (NYSE: MON) reported a $2.1 billion profit on record sales of $11.7 billion for fiscal 2009 ended Aug. 31.It is one of the largest employers in St. Louis with 4,000 local employees. It has 21,700 workers worldwide.

To view the full article in Forbes magazine, visit www.forbes.com.