On Oct. 15, 2003 as a part of its quarterly earnings report and guidance on the company’s strategy for the next year, Monsanto announced it will be exiting the Monsanto Protein Technologies (MPT) business. For a copy of the entire announcement, please see the press release on the Monsanto web site at: http://www.monsanto.com/monsanto/layout/investor/news&events/default.asp
Although MPT is an interesting opportunity for the company, Monsanto has an obligation to its shareholders to make prudent decisions that offer optimal return on investment.
Monsanto’s decision to exit the plant-made pharmaceutical business is purely a business decision- it is not a reflection on the performance of the business or the viability of the technology.
Monsanto has identified a strategy oriented around its agricultural seeds and traits business, and MPT simply is not central to that strategy.
While the details of the full exit plan for the MPT business are being determined, it is important to note that Monsanto takes product stewardship very seriously and will continue to do so after exiting the MPT business. Monsanto continues to have the expertise and resources in place for our other development programs. MPT stewardship activities - such as the requirement to monitor volunteer corn plants in the year following field research - will be managed through Monsanto’s continuing business.