 | |
| Company type | private |
|---|---|
| Industry | seeds |
| Founded | 1950s |
| Headquarters | Adel, Iowa, US |
| Products | soybean and corn genetics |
| Owners | Harry Stine and his four children |
| Website | www |
Stine Seed Company is the world's largest private seed company, and the largest independent seed company in the US. It has more than 900 patents, specializing in soybean and corn genetics, is based in the small town of Adel, Iowa, and is almost entirely owned by Harry Stine and his four children.
History
Stine Seed Company was founded by Harry Stine's father in the 1950s as Stine Seed Farm.
In 1997, they entered into a large-scale collaboration with Monsanto, focusing on increasing corn and soybean yields.
In 2014, Forbes estimated that the company was worth almost US$3 billion, with estimated sales of over $1 billion and margins over 10%.
In fall 2017 with U.S. President Donald Trump and general secretary of the Chinese Communist Party Xi Jinping in attendance, Stine Seed's China subsidiary Stine Seed China signed a $10 million deal with Beijing W. Seed through the China Iowa Group allowing China much greater access to seed technology.
In 2018, a lawsuit was filed against the company by a group of black farmers who allege that they were deliberately sold inferior seeds. The seeds sold to them were certified to be genetically pure and have a near 100% germination rate, but testing done by the Mississippi State Seed Testing Laboratory indicates that the seeds sold to the farmers had a 0% germination rate. In a statement responding to the lawsuit, the company declared the lawsuit is "without merit and factually unsupportable". The company has conducted an internal investigation which they claim has found no evidence of the claims brought in the lawsuit. The suit was dismissed in 2020.
Operations
It is the world's largest private seed company, has 15,000 acres of Iowa farmland and is almost entirely owned by Harry Stine and his four children. Stine has nearly 400 employees in 16 states, and 500 globally.
According to Harry Stine, his children are active in Stine Seed with his eldest Lucinda crossing soybeans, Myron in charge of the Brand, Warren as the liaison between marketing and research, and Brenda as a part-time attorney with Stine Seed.
Products and patents
The company has over 900 patents, specialising in soybean and corn genetics. Customers include Monsanto and Syngenta. Stine Seed have developed high-density corn varieties, with shorted plants but planted 8-12 inches apart, rather than 42 inches apart when horses were used, allowing for average yields of up to 300 bushels per acre. Stine Seed was hoping to get approval to sell their seeds in China in 2015. They have been partnering with Chinese firms for a few years.
References
- ^ Zienkiewicz, Marc (October 17, 2014). "No Stopping Stine". american-seed. Retrieved October 26, 2015.
- ^ Shaw, Molly. "Stine Seed Company Cream-of-the-crop genetics changing the game for corn growers". usbusinessexecutive. Retrieved November 13, 2015.
- ^ Morrell, Alex (April 14, 2014). "Can This Man Feed the World? Billionaire Harry Stine's Quest to Reinvent Agriculture -- Again". Forbes. Retrieved October 26, 2015.
- Commerce Announces Deals Signed Between U.S., Chinese Companies. Bloomberg. Retrieved September 5, 2020.
- AgriMarketing staff (November 27, 2017). Stine Seed. China's Beijing W. Seed announce agreement. AgriMarketing website. Retrieved September 5, 2020.
- LaRocco, Lori Ann (November 9, 2017). These are the 37 major deals US firms signed with Chinese entities during Trump’s visit. CNBC. Retrieved September 5, 2020.
- ^ "Bad seeds? Black farmers allege company duped them on purpose". NBC News. Retrieved July 18, 2018.
- ^ "Black farmers were intentionally sold fake seeds in Memphis, lawsuit says". Retrieved June 16, 2024.
- Burrell v. Concept AG, LLC, Casetext (US District Court for the Northern District of Mississippi, Greenville division 2020-Sep-30).
- Begemann, Sonja (July 3, 2019). Meet Harry Stine, Father of the Modern Soybean. Farm Journal magazine. Retrieved September 5, 2020.
- People's Company staff (January 14, 2025). Myron Stine, Son of Billionaire Seed Entrepreneur Harry Stine, Slated for the 2015 Land Expo. People's Company (Clive, Iowa). Retrieved September 5, 2020.
- ^ Hicks, Lynn (October 17, 2014). "Feeding China: Harry Stine looks to change corn planting". desmoinesregister. Retrieved November 13, 2015.
