NEUSIEDL, Austria and INDIANAPOLIS, April 25 /PRNewswire/ -- Dow AgroSciences LLC and MTI GmbH today announced a licensing agreement under which Dow AgroSciences obtains exclusive rights to MTI's U.S. corn product development pipeline.
Under the agreement, Dow AgroSciences will access MTI's U.S. corn breeding program and will have exclusive rights to breed and commercialize existing and future corn seed products in the U.S. and Canada. MTI will in turn be able to access Herculex(TM) Insect Protection traits from Dow AgroSciences. Financial terms of the agreement were not disclosed.
"This transaction allows MTI to focus on its core business areas in Western, Central and Eastern Europe. At the same time, MTI can access one of the leading pipelines for biotechnology traits. Both elements are important for MTI to develop its business in the coming years," said Lutz Krafft, CEO of MTI.
"The material accessed under this agreement adds depth and breadth to Dow AgroSciences' germplasm base and product development program. We expect the MTI program to contribute new products to our pipeline and to diversify our breeding efforts," said Tom Wiltrout, global business leader, Corn and Sorghum, for Dow AgroSciences. "We're excited about the opportunity this agreement will bring to increase competitiveness of the Dow AgroSciences and Mycogen branded corn seed in North America."
About Maize Technologies International - MTI
MTI is an Austria based corn seed company with affiliates in France, Czech Republic, Slovak Republic and Moldova. MTI develops innovative corn hybrid products for the temperate corn seed markets exploiting genetic diversity developed over the past 40 years. MTI works in close partnership with local breeding programs in Central and Eastern Europe. Further information at http://www.maizetec.com .
About Dow AgroSciences
Dow AgroSciences, based in Indianapolis, Indiana, USA, is a top tier agricultural company providing innovative crop protection, seeds, and biotechnology solutions to serve the world's growing population. A wholly owned subsidiary of The Dow Chemical Company, global sales for Dow AgroSciences are $3.4 billion. Learn more at http://www.dowagro.com .
(TM)Herculex is a registered trademark of Dow AgroSciences LLC.
Herculex Insect Protection Technology by Dow AgroSciences and Pioneer Hi-Bred.
Dow AgroSciences LLCCONTACT: Robyn Heine of Dow AgroSciences, +1-317-337-4807, rheine@dow.com;Peter Hacker of MTI, +43-5-9010-8170, peter.hacker@maizetec.com
