Monsanto’s name will soon be gone, and Bayer hopes that the move will be a firewall between it and the controversial brand.
On Monday, pharmaceutical and pesticide giant Bayer said it plans to close its $60 billion purchase of Monsanto on June 7. Bayer announced its first step is to retire Monsanto’s 117-year-old (and very infamous) brand name.
In a press release in its corporate newsroom, Bayer announced:
Bayer will remain the company name. Monsanto will no longer be a company name. The acquired products will retain their brand names and become part of the Bayer portfolio.
The move is meant to help Bayer distance itself from continuing controversy and protests in response to Monsanto’s products and business practices.