Corteva Inc., Indianapolis, Ind., announced on March 2 that it has completed the acquisition of Houston-based Stoller Group Inc. and Symborg, a microbiological technologies company based in Murica, Spain. Corteva said the acquisitions position it as a global leader in the biologicals industry.
“These acquisitions illustrate Corteva’s commitment to providing farmers with sustainable solutions that bring value and productivity to the farm,” said Chuck Magro, CEO of Corteva Agriscience. “We are pleased to officially welcome Symborg and Stoller employees to Corteva. We believe their knowledge and expertise, combined with Corteva’s innovations capabilities, will come together to form a leading biologicals business ready to accelerate and grow with the rapidly expanding biologicals market.”
Corteva’s intent to purchase Stoller for $1.2 billion in cash was first announced on Nov. 30, 2022 (GM Dec. 2, 2022). At the time, Corteva pitched Stoller as one of the largest independent plant science and biologicals companies, with projected 2022 revenues of more than $400 million from operations in more than 60 countries.
Corteva announced its intent to acquire Symborg on Sept. 22, 2022 (GM Sept. 22, 2022). Financial terms and conditions of the agreement were not disclosed. Upon closing, Corteva said Symborg locations in Spain and subsidiaries in the US, Mexico, Peru, Chile, Brazil, France, Turkey, China, and Australia would become key elements of Corteva’s Biologicals Portfolio.
Corteva first collaborated with Symborg to scale up and market Utrisha™ N and BlueN™ nutrient efficiency optimizer as part of a distribution agreement between the two companies. The natural-origin biostimulant enables plants to fix nitrogen from the air and make it available to the plant, providing an alternative, supplemental nitrogen source and potentially reducing greenhouse gas emissions from fertilizer use.
The biologicals market is expected to be the fastest-growing crop protection segment in the industry, Corteva said, representing 25% of the overall market by 2035. Corteva said the acquisitions, which will be accretive to EBITDA in 2023, reinforce its commitment to providing farmers with environmentally friendly, sustainable tools that complement evolving farming practices with proven effectiveness.