Monsanto Company has signed a non-binding letter of intent to sell its Enviro-Chem unit to the management of this subsidiary in a management buyout. Enviro-Chem provides engineering, procurement and construction management services for processing plants that use sulfuric acid. It also makes and sells proprietary equipment and air pollution control systems.

"Enviro-Chem has been a strong player in its industry for many years," says Mark Leidy, Monsanto executive vice president, manufacturing. "However, this business is not a strategic fit with Monsanto's focus on agriculture and planned growth of our seeds and traits business.

"We believe the best path forward for Monsanto, its shareowners, and for Enviro-Chem's employees and customers, is a management buyout by the Enviro- Chem executive team. This approach will allow Enviro-Chem to operate much as it has in the recent past, with a focus on serving its customers," Leidy says.

Source: PR Newswire