M. J. ZIEGLER
(314) 694-8144

NEWS FOR RELEASE IMMEDIATELY

MONSANTO MINORITY DEVELOPMENT PROGRAM A BIG SUCCESS

ST. LOUIS, Jan. 31 - Monsanto Company today announced that the operation of its Minority Economic Development Program resulted in more than $33.5 million of business for minority contracts in 1983.

The purchasing segment of the Monsanto program, started in 1973, promotes the use of minority resources to benefit individuals, industry and the community. Increasing from $15,000 in 1973, the program has generated more than $175.9 million in minority vendor contracts with Monsanto during the past 11 years.

The largest contract in 1983 was in the trucking area, where nearly $1.4 million in contracts went to a trucking company in Alabama. Examples of other large vendor contracts included: an equipment company in St. Louis -- $667,000; a security firm in Louisiana -- $215,000; fabricated items from a firm in North Carolina -- $353,000; and a chemical company in South Carolina -- $243,000.

"The ultimate goal is to create jobs by helping minority firms to grow and expand," said James Burton, manager, equal opportunity affairs for Monsanto. "The more we help firms to expand, the more we help people. So we concentrate on an active program, not on simply fulfilling government requirements."

A "minority-owned" business is defined by Monsanto as one at least 50 percent owned by a minority in a partnership, at least 51 percent owned by minorities in a publicly owned business, or totally owned by a minority.

Another segment of the Company's Minority Economic Development Program concentrates on insurance. North Carolina Mutual Insurance Company, through Metropolitan Insurance Company, reinsures more than $60 million of Monsanto's domestic coverage.

Monsanto also holds deposits of $42.6 million in six minority banks including Gateway National Bank, St. Louis; Citizens Savings Bank & Trust, Nashville, Tenn.; Seaway National Bank, Chicago; Unity State Bank, Dayton, Ohio; Riverside National Bank, Houston and First Independence National, Detroit.

When appropriate, Monsanto provides management and technical assistance to minority firms. This counseling is given to aid firms in their efforts to provide the high level of services necessary to become competitive, self-supporting business community members.

For example, Mr. Burton says, Monsanto Fund, the philanthropic arm of Monsanto Company, contributed $10,000 to the Minority Business Development Center of St. Louis. The federally funded center provides volunteers, financial contributions packages and professional management and technical assistance to aid minority businesses.

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