Monsanto, the agricultural giant known for developing biotech corn, said Tuesday it acquired WestBred, LLC, a company that specializes in genetic material for wheat.

"The investment will bolster the future growth of Monsanto's seeds and traits platform and allow farmers to benefit from the company's experience in drought-, disease- and pest-tolerance innovations," Monsanto said in a statement announcing the 45-million-dollar deal.

"The US wheat industry has come together to call for new technology investment, and we believe we have game-changing technologies -- like our drought-tolerance and improved-yield traits -- that can meaningfully address major challenges wheat growers face every season," said Carl Casale, executive vice president of global strategy and operations for Monsanto.

"Through WestBred, we'll be able to deliver advances in breeding and biotechnology to deliver a step-change in yield while creating a springboard for new partnerships and collaboration opportunities that create additional value for farmers."

WestBred, owned indirectly by Barkley Seed, Inc., will become the "centerpiece" of Monsanto's wheat platform, the company said.

Monsanto is known for genetically modified corn that is resistant to the company's pesticides, a technique it claims improves crop yields but is heavily criticized by environmentalists.