Monsanto, a leading global provider of technology-based solutions and agricultural products, announced that it plans to acquire Precision Planting Inc.

Speaking at the Goldman Sachs Basic Materials Conference 2012, Chief Technology Officer Robb Fraley, told investors that the company is building out its Integrated Farming Systems portfolio, noting today's announced plan to acquire precision agricultural engineering and planting technology leader Precision Planting Inc. Monsanto's planned Integrated Farming Systems offering would provide science-based agronomic seed prescriptions with next-generation precision equipment, helping farmers increase yield potential and reduce risk.

"I've been in farming my whole life, and welcoming the Precision Planting team to Monsanto is a real highlight," Fraley said. "By bringing together Precision's planting technology with our data and breeding expertise, we expect to set ourselves apart with our ability to deliver specific on-farm prescriptions with the tools to use them for our farmer customers and I believe we will greatly improve crop yields."