Memphis, Tennessee
May 5, 2009
Monsanto Company and
Drexel Chemical announced today that the two companies have
reached a Commercial Agreement regarding patents Monsanto owns
on the manufacture, use and sale of certain types of glyphosate
based herbicides.
This agreement provides Drexel a license under Monsanto patents
covering the manufacture of glyphosate using certain catalysts.
Additionally in the agreement, Drexel agrees to cease selling
potassium salt glyphosate formulations in the US in the future.
Drexel will be able to sell its existing inventory of these
products in an agreed upon timeframe. Monsanto had asserted
Drexel’s sale of glyphosate formulations containing potassium
salt of glyphosate violated Monsanto patents covering the
manufacture, use and sale of potassium salt of glyphosate
formulations.
Sean Gardner, global chemistry lead at Monsanto, said “We are
pleased to have reached a mutually satisfactory resolution of
those issues which recognizes, and is consistent with, our
substantial proprietary rights regarding glyphosate products."
Bob Shockey, Chairman and CEO of Drexel stated, "We are pleased
to resolve all of our outstanding issues with Monsanto and to
have obtained an agreement which will allow our Drexel
glyphosate products to be marketed in a manner consistent with
Monsanto’s intellectual property. The specific terms of the
settlement are confidential.
Drexel Chemical Company is a manufacturer/processor of a wide
range of generic pesticides which are distributed throughout the
United States and world markets.
Monsanto Company is a leading global provider of
technology-based solutions and agricultural products that
improve farm productivity and food quality. Monsanto remains
focused on enabling both small-holder and large-scale farmers to
produce more from their land while conserving more of our
world's natural resources such as water and energy. |
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