NEWS
Thu May 23, 2013 12:36 PM CDT

SINGAPORE (Dow Jones) -- Global crop protection companies BASF SE and Monsanto Co. plan to commercially launch a drought-tolerant variety of genetically modified corn in the U.S. next year, a senior BASF official said Thursday.

"We are working with Monsanto to develop a new GM corn variety, which is currently under trial and expected to be ready for launch next year," BASF's president for crop protection, Markus Heldt, said on the sidelines of a conference on food security.

The two companies have a revenue sharing arrangement, with 60% of revenue going to Monsanto and the rest to BASF, Heldt said.

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