Cargill/Monsanto Venture Dubbed Renessen; To be Located in Chicago

The new joint venture between Cargill Inc. and Monsanto Co. has been named Renessen, and will be headquartered in Chicago. The venture's name, based on the word "renaissance", is meant to represent newness or rebirth.

Norman Hay and Arthur Fitzgerald have been named co-chief executive officers. Hay has worked for Cargill in various capacities since 1976. Fitzgerald is a long-time member of top management at Monsanto.

The new company will employ about 40 people, with all of the positions to be filled by May or June.

Renessen will use biotechnology and other high-tech tools to boost business in the specialty crops arena for livestock feeding and grain processing. The venture is intended to combine Monsanto's expertise in biotechnology and life sciences with Cargill's global networks of grain, oilseed and meat processing and of commodities marketing.

Hay said that Renessen will be based in Chicago because it is a major center of agricultural commodity commerce and food manufacturing. Chicago's location in the heart of the U.S. corn belt also was a factor, along with its attractiveness to job candidates.