German-based Bayer AG has committed to President-elect Donald Trump that it will invest $8 billion in American research and development as part of its deal to acquire Monsanto, Trump’s transition team said Tuesday.
Incoming White House press secretary Sean Spicer told reporters that Bayer will also protect all of Monsanto’s 9,000 American jobs while creating an additional 3,000 high-tech positions in the country. That agreement, he added, came after Trump met with CEOs from both companies last week.
In September, Bayer won shareholder approval for a $66 billion offer to buy seeds giant Monsanto, believed to be the largest all-cash company purchase ever. But the deal still faces regulatory hurdles in multiple countries, including in the United States.
In a joint statement, the two companies said the new jobs will focus on ways to “drive future innovation in agriculture” with positions like geneticists, data scientists and engineers. The companies added that the investment will go to both Monsanto’s St. Louis headquarters and other parts of the country.
“The United States is a global leader in agriculture, and the combination of Bayer-Monsanto will underscore that role and ensure the United States retains a pre-eminent position as the anchor of the industry,” the statement said.
“This is an investment in innovation and people that will create several thousand new high-tech, well-paying jobs after integration is complete, jobs that will keep America at the forefront of agricultural innovation and that serve U.S. farmers by delivering better products and services faster.”
SOURCE: BEN KAMISAR