Bayer and Monsanto have committed to spending ‘at least’ $8 billion over the next six years on agricultural research and development in the US alone.
The commitment was made in a meeting with President-elect Donald Trump, and represents around half of its planned $16 billion global spend on agriculture research and development.
It is significant because President Trump’s incoming administration will make a decision on whether to approve the companies’ $66 billion merger, first raised back in May.
The planned investments in agriculture research and development – both in the US and worldwide – are in line with the $2.7 billion pro-forma budget announced by Bayer and Monsanto when their combination was agreed back in September.
A spokesperson for President-elect Trump also said that the companies had promised to retain more than 9,000 US-based jobs and add 3,000 new high-tech positions. The two companies confirmed the plans, saying that they would create ‘several thousand new high-tech, well-paying jobs after integration is complete’.
“The proposed combination will reinforce Bayer as a global innovation-driven life science company with leadership positions in its core segments, and would create a leading integrated agriculture business,” the German-headquartered business said last year.
President-elect Trump will take office on Friday.
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