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6/21/2012 7:16 PM ET

Monsanto Co. (MON: Quote) announced that it has completed purchase of planting technology developer Precision Planting Inc. The Precision Planting team is now part of Monsanto's Integrated Farming Systems unit, which will utilize advanced agronomic practices, seed genetics and innovative on-farm technology to deliver optimal yield to farmers while using fewer resources.

In May 2012, Monsanto has announced it reached an agreement to purchase planting technology developer Precision Planting, Inc. The company had agreed to pay $210 million for the business, plus a performance-based payment of up to $40 million.

The company had said the Precision Planting operations would remain in Tremont and all Precision employees would be offered their continued jobs in Tremont.

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