Monsanto to withdraw EU approval requests for new GMO crops due to the lack of commercial prospects for cultivation.

By Charlie Dunmore

BRUSSELS | Wed Jul 17, 2013 4:45pm EDT

(Reuters) – Monsanto Co said on Wednesday it will withdraw all pending approval requests to grow new types of genetically modified crops in the European Union, due to the lack of commercial prospects for cultivation there.

“We will be withdrawing the approvals in the coming months,” Monsanto’s President and Managing Director for Europe, Jose Manuel Madero, told Reuters by telephone.

Madero said the decision would allow the company to focus on growing its conventional seeds business in Europe, as well as securing EU approvals to import its genetically modified crop varieties widely grown in the United States and South America.