Oxnard, California
January 21, 2002

As part of its previously announced strategy to focus on its core seed business, Seminis Vegetable Seeds reported that it has sold its seed technology company, Incotec, to the subsidiary's executive
management team and a financial partner. Proceeds from the sale were $17.6 million.

According to Seminis, the transaction frees up resources that will allow the company to focus its full attention on its seed variety research and global marketing network - the largest in the global vegetable seed industry.

"Our business strategy is to develop vegetables and fruits that offer value-added traits," said Seminis President and Chief Operating Officer Eugenio Najera. "On top of what we are doing to increase yields and other grower benefits, we are focusing our full resources on products that create value beyond the farm." He indicated that this sale and other changes made by the seed company's new management team better align Seminis' resources with this strategy.

Seminis will continue to use Incotec as one of its key seed technology vendors. "We were pleased with the terms and conditions of the negotiations," said Najera. "Incotec has a very talented team with the resources needed to continually provide excellent service to Seminis. We wish our former colleagues well in their new endeavor, and look forward to a profitable partnership with them for many years to come."

He indicated that Seminis used part of the proceeds of the sale to make a $13 million pre-payment on its bank debt; this installment was completed six months ahead of schedule. A recent financial announcement also noted that one-time expenses associated with its reorganization plan were largely
behind it, and that forthcoming 2002 reports would reflect the normal operating results of the company.

Based in Oxnard, California, Seminis is the world's largest developer, grower and marketer of vegetable and fruit seeds.