Letter of intent has been signed A letter of intent has been signed between Mycogen Seeds and Golden Acres Genetics, L.L.C. As a result, Golden Acres Genetics may receive exclusive marketing rights to the Cargill Hybrid Seeds brand of corn and sorghum products in the following geography: Alabama, Arizona, Arkansas (except the following counties: Randolf, Clay, Sharp, Lawrence, Greene, Independence, Jackson, Craighead, Poinsett, Mississippi, and White), Florida, Georgia, Louisiana, Mississippi, New Mexico, North Carolina, Oklahoma (except the following counties: Beaver, Cimarron and Texas), South Carolina and Texas.
Other details Mycogen Seeds will continue to sell and service Cargill Hybrid Seeds products in all parts of the United States, including the above mentioned geography, for the current selling season. If Golden Acres and Mycogen reach a final agreement, following the 2001 planting season, the current Cargill Hybrid Seeds products would be distributed and serviced by Golden Acres Genetics under the Golden Acres brand.
Current Cargill Hybrid Seeds sales representatives will continue to serve Cargill Hybrid Seeds for the remainder of the 2001-planting season.
Mycogen Seeds acquired Cargill Hybrid Seeds from Cargill Incorporated Nov. 1, 2000. The newly-acquired assets are being consolidated into the Mycogen Seeds organization. Assets acquired by Mycogen from Cargill included all seed research, production and distribution assets of Cargill Hybrid Seeds in the United States and Canada, excluding Cargill's InterMountain Canola, Goertzen Seed Research and the Western Canadian Seed distribution business.
Golden Acres Genetics was formed in August 1999 by former Mycogen Seeds employees Lou Buice and Bernard Selensky. Under the Golden Acres brand, the company markets those products previously sold under the Mycogen Seeds brand to producers in the South.
Has proven ability "It was critical that we choose a company that would best serve Cargill Hybrid Seeds customers," said Tim Kroenke, Mycogen Seeds Business Unit Leader. "We believe Golden Acres Genetics has proven their ability to provide high-quality products and service for this important market."
"We are enthusiastic about the opportunity to provide Cargill Hybrid Seeds customers uninterrupted access to Cargill Hybrid Seeds brand products," said Lou Buice, co-owner of Golden Acres Genetics.
"The proposed arrangement fits our long-term strategy of offering a diverse line of southern-focused seed genetics, Buice continued. "We plan to insure Cargill Hybrid Seeds customers are offered the best performing products and service in the industry."
Golden Acres Genetics L.L.C. is a privately-held Texas corporation. Mycogen Seeds is a wholly owned subsidiary of The Dow Chemical Company and is an affiliate of Dow AgroSciences L.L.C.