NC+ Hybrids, Inc. announced today that it has been acquired by American Seeds, Inc. (ASI), a holding company formed by Monsanto Company (NYSE:MON) in the fall of 2004.

ASI was established by Monsanto to support regional seed businesses with capital, genetics and technology investments.  These investments allow the operating companies of ASI to more directly connect their customers to significant innovations in genomics-based breeding and other new technologies, while continuing to operate autonomously and locally, providing greater service to their customers and building the value of their brands.

“This has been a very well thought out business decision for the NC+ Hybrids grower-owners,” said Ron Vieselmeyer, Chairman of the Board of Directors.  “Some of our founding families now have third-generation sons or daughters involved.  We believe strongly that our agreement with ASI is in the very best interests of our customers, our dealers and our employees.  The seed business has changed dramatically in the last few years, influenced by many factors including fewer but larger operators, traits and technology, and consolidation.  We wanted to make sure that the NC+ brand would remain as a mark of quality seed and quality people for many, many years to come, and that we will continue to not only meet, but exceed the needs of our customers. This agreement allows that to happen.”

NC+ will continue to independently market the NC+ brand of seed corn, grain sorghum, forage sorghum, sudangrass, alfalfa and soybeans as an operating subsidiary of Channel Bio Corp. which currently runs three other autonomous and successful brands: Midwest Seed Genetics, Crow’s Hybrid Corn Company and Wilson Seeds.  Channel Bio Corp, a leading U.S. seed company based in Kentland, IN. was acquired by ASI on November 16, 2004.  

Simultaneous with the ASI acquisition, Remington Hybrid Seed Company, headquartered in Remington, IN., has acquired the Hastings, NE. and Grand Junction, Iowa seed production faculties.  In addition, the former grower-owners of NC+ Hybrids have entered into a long term seed production agreement with Remington to continue to produce top quality seed corn for the NC+ brand.

NC+ Hybrids President Larry Schuett, commented, “First off, I want to be sure to thank all our loyal customers, dealers and employees for all that they’ve done over the past 47 years, and to say that as a result of this business combination we feel extremely well-positioned for the next 47 years.  This is not the end, but the beginning of an exciting new opportunity.  NC+ will continue to be operated as a respected independent brand with its own management team.  The stockholders of this company have changed.  What hasn’t changed is the NC+ brand, which will remain intact, with the greatly added opportunity to access the best genetic and technology trait pools in the industry.  I believe all those things are important to our customers.”