Monsanto announced plans to purchase a fruit and vegetable seed company called Seminis. Monsanto will pay $1.4 billion in cash and assumed debt, plus a performance-based payment of up to $125 million by the end of fiscal year 2007, for the company.

Monsanto CEO and President Hugh Grant stated that the purchase of Seminis fits Monsanto's plans because global interest in fruits and vegetables as well as healthy diets is growing. Seminis supplies more than 3,500 seed varieties to commercial fruit and vegetable growers and other businesses in more than 150 countries.