Arborgen, a firm developing genetically engineered trees for the United States, plans an initial public offering of common shares to raise as much as $75 million, they said in a regulatory filing. Headquartered in Summerville, South Carolina, Arborgen is a joint venture of International Paper, Mead Westvaco, and New Zealand's Rubicon Ltd.
ArborGen, is the world's largest seller of conventional seedlings for forestry, and it is developing freeze-tolerant eucalyptus trees for the U.S. South.
Bloomberg News reports,
"ArborGen said it plans to produce modified trees for the paper industry in much the same way Monsanto Co. provides genetically modified crops to agriculture."For those familiar with the history of Monsanto Co., that's another serious reason to be concerned.