Monsanto undaunted by GM row

22 October 1999

Monsanto undaunted by GM row

US BIOTECHNOLOGY giant Monsanto says the furore over genetically modified (GM) crops in Europe had “very little impact” on its business results, reports the Financial Times.

Nick Filipello, vice-president of investor relations, said the only marginal impact had come as a result of some farmers reluctance to plant Round-Up Ready corn.

This has not been approved by the European Union.

Against this report, The Guardian claims Monsanto has come “under intense pressure” from American analysts and investors dismember itself in the wake of the GM row.

The agricultural segment of Monsantos business reported a loss of $25 million, compared with a profit of $103m a year earlier.

The company said it expected to sell its food ingredients operations in tranches, and that the bulk of the disposals might not occur until 2000.

Monsanto reported earnings slightly lower than expected. The company made an after-tax profit of $49m, on sales of $1.9bn.

The profit and loss account was saved by a strong performance from the groups Searle pharmaceuticals division.

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