Monsanto Company and The Scotts Miracle-Gro Company have extended their nearly two-decade-long partnership for the licensing of Monsanto's Roundup herbicide brand.

Since 1999, Scotts Miracle-Gro (through one of its subsidiaries) has served as Monsanto's exclusive agent for the marketing and distribution of Roundup non-selective herbicides in the consumer lawn and garden market in the U.S. and select international markets.

The new agreement provides Scotts with an extended license to use the Roundup brand in new lawn and garden product categories and broaden their marketing rights into new geographies.

Scotts will pay Monsanto a one-time, upfront payment of $300 million for a Roundup brand license, the extended agency agreement and a technology agreement.

“This agreement highlights the value of the Roundup brand and extends the relationship with a long-term, trusted partner,” says Kerry Preete, executive vice president, global strategy, Monsanto. “It also further demonstrates our commitment to our broad licensing strategy. Monsanto looks forward to the continued partnership with Scotts as we work to deliver consumers with a diverse range of lawn and garden solutions.”