This was an American agricultural biotechnology and agrochemical corporation that was founded in 1901. The company was acquired by Bayer in 2018 as part of the company’s crop science division. The headquarters is built in Creve Coeur, Missouri. Monsanto developed Roundup in the 1970s, which is a glyphosate-based herbicide. The company became a major producer of genetically engineered crops.
Monsanto became the first four groups in 1983 that introduced genes into plants. It was also rated the first company in 1987 to conduct field trials of the GMO (genetically modified crops). This placed it among the top 10 chemical companies in the United States until it divested the majority of its chemical businesses in a period of 5 years (between 1997 and 2002). The process used was between mergers and spin-offs, whose focus was on the company of biotechnology.
Monsanto’s growth in the agricultural industry was great as it soon became among the first companies that applied the biotechnology industry business model to agriculture. They used the biotech drug companies developed technique. In this business model, companies make good use of R&D expenses and exploit biological patents. Monsanto’s roles in agricultural changes, lobbying of government agencies, roots as a chemical company, and biotechnology products resulted in controversies.
Inception
Monsanto was founded in 1901 in St. Louis, Missouri. It was founded by John Francis Queeny as a chemical company. John was a 30-year veteran working for the nascent pharmaceutical industry. He worked for a soft drink distributor, and it is from these earnings that he managed to raise enough capital for funding the firm. The ‘Monsanto’ name came from his wife’s Olga Méndez Monsanto’s maiden name.
This company started with food additives as its first products. These products included; vanillin, artificial sweetener saccharin, and caffeine. With time, the company expanded to Europe in 1991 after it partnered with Graesser’s Chemical Works, which was located in Cefn Mawr, Wales. The venture produced aspirin, vanillin, and its raw material salicylic acid. Later, the company started dealing with rubber processing chemicals.
Things became even better for the company, and it expanded into standard/basic industrial chemicals like the PCBs and Sulfuric acid. John’s son Edgar Monsanto Queeny in 1928 took over the company. Under the guidance of John Queeny, the Monsanto Company was able to found and incorporate a town in Illinois and named it Monsanto (the company is now known as Sauget).
Monsanto continued to grow and expand its branches as well as join in partnership with other companies. It also bought many other companies, some of which included; Swann Chemical Company located in Anniston, Alabama, which saw the company join the PCBs business.
In 1936, they acquired Thomas & Hochwalt Laboratories, which was located in Dayton, Ohio, as they needed to acquire Charles Allen Thomas’ expertise as well as Caroll A. this company became Monsanto’s Central Research Department. Thomas was a sure deal as he never left the company until his retirement in 1970. He served as the president from 1951 to 1960 and Board Chair from 1960 to 1965.
Evolution
In 1946, they marketed and developed “All” laundry detergent, but they later sold the company to Lever Brothers in 1957. Unfortunately, during the Texas City Disaster, its styrene factory was destroyed. In 1949, they again acquired American Viscose Corporation from Courtaulds. They then partnered with Bayer, which was a German chemical giant, and together, they formed Market where they market Polyurethanes in the US.
In 1944, they began manufacturing DDT alongside the other 15 companies. The insecticide came in handy as far as fighting malaria-transmitting mosquitoes were. However, the product didn’t last for long in the market as it was banned in the US in 1972 due to its toxicity. In 1977, they stopped the production of PCB, and two years later, its production was banned by Congress.
There were great other developments and connections that Monsanto got into that resulted in its success to what it has become today. Some of the other companies they have acquired include; G.D. Searle & Company, which was a life sciences company, Agracetus, which was a biotechnology company. In 1996, they purchased 40% of Dekalb, among many others.
Awards and achievements
Monsanto is a great company that has not only managed to bring a great difference to the world but also attracted a number of awards and nominations. Some of these awards include; Forbes magazine’s company of the year, they were also listed least ethical of 581 multinational corporations by the 2010 Swiss research firm Covalence. This has attracted many positive news items being published on the media about companies and stakeholders without trying to validate sources.
It was again ranked by the journal Science in its Top 20 Employers list, and this was between 2011 and 2012, just to mention a few. Monsanto has grown over the years, and it can be said to be one of the oldest companies over the world as it has over a millennium old.
Net worth of Monsanto in 2024
Telling the exact amount Monsanto has today might not be easy as it has been around for more than a million now. It has bought different companies and sold some that they felt didn’t bring any difference to their income. Therefore, what we can say is that its net worth is in billions. As per now, the net worth of Monsanto’s net worth has been estimated to be around $65 billion as of January 2024. All this has been earned from the different companies they have been able to purchase and the different products they have been able to produce and sell over the world.
Although Monsanto was started by an individual, it has today become one of the greatest and well-known companies all over the world. The company has also employed over 20 thousand people to date as well as opened great companies in different parts of the world. The company initially dealt with a single product, but today, it has been able to deal with different products that have become a great success as a company.