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Monsanto Executives Outline Growth Strategy At Investor Meeting.

Article Excerpt
NEW YORK -- At an investor meeting here today, Monsanto Company executives will discuss the current state of the company and its prospects for growth. "We're continuing to deliver significant shareowner value by growing earnings and increasing cash flow in the near term," Monsanto President and Chief Executive Officer Hendrik Verfaillie is expected to say. "The strategy we're implementing also prepares us for double-digit earnings growth in the medium- to long-term as we realize global expansion of current and future products."

Verfaillie notes that while Monsanto awaits regulatory approvals that will unlock the full potential of biotechnology, the company's 2002 and 2003 earnings per share (EPS) growth rates are expected to be in the single digits. The growth rates exclude special items and the effect of the company's adoption of a new accounting standard beginning with 2002 results. Earnings growth is expected to accelerate as Monsanto receives additional regulatory approvals for its biotechnology products and the company expands the use of its current biotechnology traits in new markets. In the interim, the company will fine-tune its organizational structure, including the rationalization of some facilities and a small reduction in staff.

Following Verfaillie's strategy overview, three other Monsanto executives will provide reviews of their particular areas. These presentations include: An operations review...